Gurugram Police PRO Subhash Bokan said that the man is been questioned by police officials.
A man carrying Rs 1.30 crore in the boot of his car was arrested in Gurugram on Thursday, police said.
This was the biggest seizure of currency notes after the model code of conduct was imposed in Haryana in run-up to the October 21 Assembly elections.
The accused, identified as Divesh, a resident of Delhi, was intercepted during random checking of vehicles at the MG Road.
Gurugram Police PRO Subhash Bokan said that Divesh is been questioned by police officials.
"We want to know the purpose of keeping such a big amount of cash in the car. We have strong suspicion over the money would be used to influence voters before election," he said.
Meanwhile Gurugram Police Commissioner Mohamad Akil chaired a meeting of senior police officials of the district to ensure EVMs are being safely transported to election centres with fool-proof security.
"We have intensified setting up of police barricades at different places, especially on border areas with Delhi, Faridabad and Nuh. Police patrolling parties, flying squad, zonal magistrates and surveillance teams are deployed at different locations to keep tab on suspicious movements," Commissioner Akil said.
"We have especially directed SHOs of respective jurisdictions to maintain law and order and prevent interference of criminal forces."
Gurugram district has four assembly constituencies and 1,172 election booths where 4,000 police and home guard personnel will be deployed on poll day. Eighty booths have been identified as critical or vulnerable and have Central Reserve Police Force personnel deployed there.