The seizure was made from Bahujan Samaj Party (BSP) leader and property dealer Nadeem, who lives in Shastri Nagar locality in Meerut city. Nadeem was apprehended by the EC team with an aide Meraz, when he was going to Ghaziabad.
The poll panel team seized the cash found in his car. He was asked to explain the reason for possessing such a large amount of cash.
The BSP leader failed to explain it. He was booked after a team of income tax officials raided his premises and found no documents supporting the cash, an official told IANS.
The BSP leader later confided to the income tax sleuths that the money seized was black money.
The income tax officials deposited the seized cash in the bank account of the district administration.
The EC officials fear this huge cash was on its way to being used during the Lok Sabha elections in Uttar Pradesh.
A probe is also underway to ascertain the potential beneficiaries of the cash, an official told IANS.