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The EC team, including police personnel, also detained two persons during the operation on Tuesday night, an official said.
One of them is Delhi resident while another is a local man, said police inspector J B Chaudhary.
Additional Chief Electoral Officer Kuldeep Arya said the case was handed over to the Income Tax department for further investigation about the source and purpose of the cash.
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Assembly elections will be held in Gujarat on December 1 and 5.