The Commission’s flying squad stopped three trucks carrying a total of Rs 570 crore in hard cash near Tirupur, the knitwear hub of India around 400 km from Chennai.
Speaking to reporters, Tamil Nadu chief electoral officer Rajesh Lakhoni said initial inquiries reveal that the cash belonged to State Bank of India (SBI).
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He said the security guards in the vans were carrying only copies of the documents and not originals, raising suspicion. They were also in plain clothes and not in their uniform.
The trucks were going from Coimbatore, which is about 500 km from Chennai, to Vishakapatnam.
Authorities have said the trucks have produced a set of documents. As the money involved is huge each document needs to be verified with the original.
A multi-disciplinary team of Income tax investigation officers, senior IAS observer, senior Police observer and senior IRS observer along with officials of banks are verifying the documents. As the amount involved is huge, it may take another 24 hours to complete.
The money has not been seized. The vehicles have been detained for verification, said the authorities.
The Election Commission in the state is taking stringent steps to make the upcoming election fair and free. Across the state, about 6,112 flying squads and static surveillance teams have been pressed into service. They include officials from IT department, enforcement department, commercial tax department, local Police, special forces and others who are on the roads 24X7 searching vehicles, houses, establishments and other places for illegal money.
The Commission had stepped up vigil across Tamil Nadu to detect and intercept illegal cash and other inducements to lure voters and ensure that a level playing field is maintained. Voters in the state will cast their votes and same will be counted on May 19.
The Model Code of Conduct came into force on March 4 after the Commission had announced the schedule for the Assembly polls.
SBI responds
State Bank of India has issued the following official statement on the confiscation of the cash van.
In order to address a temporary cash shortage in the state of Andhra Pradesh, RBI as per their currency management policy authorised transfer of Rs 570 crore from currency chest at SBI, Coimbatore Main Branch, to SBI, Special Currency Administration Branch Visakhapatnam. As per RBI instructions our Coimbatore Main branch released the treasure to the authorised SBI personnel duly escorted by a team of Police personnel from AP. The convoy carrying the treasure was stopped enroute and brought to Tiruppur Collectorate for further scrutiny.
SBI authorities at Chennai, Coimbatore and and Tirupur are providing all support and clarifications to the authorities and are hopeful of quick resolution and release of treasure.
We reiterate once again this movement of currency is duly authorised by Reserve Bank of India and has all necessary approvals. The movement is in line with RBI's Currency Management policy of moving cash from one currency chest to other where cash is needed