Kothanur police officers have seized Rs.1.95 crore in demonetized notes and nabbed four people in connection with a suspected money laundering racket.
Acting on a confidential piece of information, a team recovered the money from an apartment complex on Kothanur Main Road around 10 p.m. on Friday. Four people namely Jayakumar, Shashi, Sharath and Amjed were arrested from the premises.
According to the police, the prime accused, Syed Samir, is a real estate agent. He is absconding.
Police officials suspect the involvement of three more people in the racket. Allegedly, the accused were waiting in the apartment to hand over the money to a businessman, who wanted to buy the demonetized currency, when the police arrived.