The funds were taken from the couple’s home in Carapo on Sunday when police initially searched for guns and ammunition on the couple’s property.
During the exercise, they discovered the cash stuffed into a suitcase.
The man told the police that he was a salesman who owned several businesses with his family.
Police called in officers from the Major Crimes Unit and the Financial Intelligence Unit (FIU). They counted the money at the couple’s home before they took the cash, and the couple to the police station for questioning. The man and his wife were not charged with any offences and were released.
In accordance with the Proceeds of Crime Act, the police are allowed to keep the cash for up to three months as the FIU launches an investigation into the source of funds.
The law also allows for a Magistrate to extend the holding period for a maximum of two years while investigations take place. However, the couple may submit an application to have the funds released.