The passenger, identified as Mohammad Faraaz Akhtar Upletawala, was arrested on Wednesday before his departure for Hong Kong by Jet Airways flight 9W 76.
During the investigation, apart from the amount, two trolley bags and a laptop bag were recovered which were later seized under the Provisions of the Customs Act, 1962.
In his statements recorded under Section 108 of the Customs Act, Upletawala admitted the possession of the said currency under seizure.
The officials said an investigation is underway. (ANI)