"A detailed examination of hand baggage and check-in baggages of the passenger resulted in the recovery of schedule H medicines valued at Rs 1.23 crore," the customs department said in the statement.
The medicine were kept in the four check-in baggages of the passenger, it said.
Official sources said the medicine were meant for cancer treatment.
Schedule H medicine cannot be sold without a doctor's prescription.
The Chinese man has been arrested and the medicine were seized.