Tamil Nadu polls: SBI lays claim on the Rs 570 crore cash, says its inter-branch transfer

MUMBAI: State Bank of India has come forward with documents to lay claim on the Rs 570 crore funds seized by the police.

On Saturday morning, Electoral officials in Tamil Nadu seized about Rs 570 crore in cash from three containers in Tirupur district, which now appears to be for inter-bank money transfer.

Speaking to ET, Arundhati Bhattacharya, chairman of State Bank of India said: "This is legitimate money that was being transferred by the banks from Chennai to Hyderabad and it has got nothing to do with the election money as reported in media."


Also Read: SBI says that Rs 570 crore fund transfer was instructed by RBI


Senior officials from SBI are in Tirupur to establish SBI's ownership of the funds. A senior SBI official said that the containers are erroneously confiscated and SBI officials are in talks to establish this with documents.

Agencies have reported containers were transferring funds Rs 570 crore from State Bank of India Coimbatore zone to Vishakhapatnam branches but did not have all the necessary documents and efforts were on to ascertain the veracity of their claim.