Rs 12.44 lakh cash, including Rs 10.60 lakh in new currency denomination of Rs 2,000 notes was seized in Satellite area from a car during search operation in the locality, they said.
Three persons - Virbhadra Jadeja, Pravin Mali and Yajvendra Parmar - were detained and a gold biscuit has been seized from their possession, Satellite police inspector M U Mashi said.
The trio was later handed over to the Income Tax department officials, who are interrogating them, he said.
During the inspection of the vehicle, a contractor identified as Raja Madam was found carrying the currency notes, police said.
Madam was detained and the IT department has been involved in investigation, they said.
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