The seizure was effected during a vehicle check early this morning, they said.
The two occupants of the vehicle Manzur Ilahi (26) and Kiran Vasanth (23) were taken into custody.
The duo, belonging to Sangli district of Maharashtra and doing gold business in and around Kannur, were taken into custody as they failed to produce requisite documents for the huge amount of cash and gold, police said.
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