Collector T Soundiah said the cash was seized last night when personnel of the flying squad that has been formed ahead of the Apr 13 Tamil Nadu assembly elections stopped and checked a speeding car. The model code of conduct is in force in the state following the announcement of the election.
The two persons travelling in the car, who said they were real estate businessmen, could not account for the money, following which it was deposited today in the Government's account in the Treasury, the Collector said.
He added that till the completion of the election, those who draw Rs one lakh and above from banks and carry it in public or private transport should submit proper accounts if so demanded by officials. Failure to do so would result in the amount being seized and a case registered against the persons, he added.