Police said the arrested man wanted to convert "black money" into white through agents with commission.
Unaccounted cash worth Rs 1.11 crore, all in the banned Rs 500 and Rs 1,000 denomination notes, was today seized from a property broker in Pune by the crime branch officials.
According to police, the broker, Ankesh Agarwal, wanted to convert the "black money" into white through some agents at 30 per cent commission.
"We received a tip-off that he was planning to meet some people at his friend's office in Shivajinagar area here this afternoon," Suresh Bhosale, Assistant Commissioner of Police, Crime Branch, said.
"As per the information, our anti-dacoity cell of crime branch laid a trap and detained Agarwal and found over Rs 1.11 crore unaccounted cash, all in the form of demonetised notes of Rs 500 and Rs 1000," he said.
He said the entire cash has been seized and Income Tax department has been intimated.
"So far, no case has been registered as the IT department will ascertain the source of money," he said.