The man tossed the money from a taxi in a crowded part of Taichung city, Taiwan, on Sunday as people stopped to pick up the cash, Changhua police official Lin Shih-ming said.
He is believed to have thrown heaps more money on an earlier road trip starting in the capital Taipei, Reuters reports.
The man also burned about T$400,000 and had two more sacks of cash, apparently the proceeds of a property sale.
"He might have had a nervous condition, as his state of mind wasn't normal," Lin said.
Some of the passers-by who picked up the bills turned the money over to police, while others pocketed it.
The suspect would be charged with public endangerment and destruction of currency, Lin said.
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