The CID official said that the amount was recovered during a raid at the house of Harjeet Singh Bedi on late Monday evening.
"We received a tip off that huge amount of black money was hidden in Bedi's house. We raided his house at Beltola area," he said adding that they seized Rs 1,54,61,000.
"The cash was hidden in a secret locker of Bedi's bedroom in the house," the official added.
"We have intimated this to the Income Tax department and they are interrogating Bedis to ascertain as to how they managed to get such huge amount in new currencies when the whole country is struggling," he said.
A probe is on to ascertain whether the seized money was proportionate to his income, said the official, adding that the CID would also register a case if any discrepancies were found during the IT interrogation.
Sources in the CID further informed that they have formed a Quick Response Team (QRC) involving 18 officials of the department to carry out operations against black money and other related offences.
The 18 officials were divided into three groups and they would carry out operations in various part of the state in coordination with the local police if needed.