The cash, all in new notes of Rs 2,000, was seized on Friday during raids in Ibrahimpatnam in Ranga Reddy district.
The raids came a day after a special court in Hyderabad sent K. Sudheer Babu, senior superintendent of a post office in Hyderabad to judicial custody till December 23.
Sudheer Babu had surrendered before the Central Bureau of Investigation on Thursday.
Two others, Nitin and Narasimha Reddy, who acted as middlemen, were also arrested and sent to judicial remand.
The CBI registered three cases and arrested four accused, including Sudheer Babu.
Sudheer Babu allegedly handed over new currency notes of Rs 2,000 denomination and valued Rs 2.95 crore to middlemen for a commission.
He had taken the new currency notes from the money sent to the postal department for exchange of demonetised notes of Rs 500 and 1,000.
The CBI has also booked cases against two assistant in the office of senior superintendent of post office and officials of three post offices in Hyderabad for committing irregularities in criminal conspiracy with Sudheer Babu.
The investigating agency had earlier recovered Rs 17.02 lakh in new currency notes of Rs 2,000 denomination.
It is likely to seek custody of the main accused for further investigations in the case.