Sitting NCP MLA Ramesh Kadam was arrested on Friday after the police and the Election Commission seized Rs 53.46 lakh during a raid at a flat in Ghodbunder here.
Acting on a tip-off, Thane police and the Election Commission's team raided the flat in Ghodbunder, Thane.
Sharing the details, Additional Chief Electoral Officer (CEO) Dilip Shinde said: "Thane police raided this place along with the Election Commission squad. During the raid, MLA Ramesh Kadam was present in the flat along with the owner of the flat Raju Gyanu Khare. While searching 53 lakh 46 thousand cash was found in the flat. The police and election team took immediate action and sealed the flat."
Raju Khare, owner of the flat has also been arrested.
Ramesh Kadam is seeking re-election from Mohol as an independent candidate.
The Election Commission has informed the Income Tax Department regarding the recovery of cash and an inquiry is underway.
Maharashtra will go to polls on October 21 and the counting of votes will take place on October 24.
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