The Central Bureau of Investigation (CBI) conducted searches at 67 locations across Rajasthan and Maharashtra in connection with suspicious IMPS transactions totaling Rs 820 crore at UCO Bank. Last year, between November 10-13, over 8,53,049 Immediate Payment System (IMPS) transactions occurred, leading to the wrongful transfer of Rs 820 crore to the accounts of more than 41,000 UCO Bank account holders.
According to a CBI spokesperson, IMPS inward transactions initiated by approximately 14,600 account holders of seven private banks were incorrectly posted in the accounts of over 41,000 UCO Bank account holders. This resulted in Rs 820 crore being credited to UCO Bank accounts without actual debiting from the originating banks.
The searches in Rajasthan and Maharashtra targeted individuals who received the money and withdrew it without returning it to the bank. This marks the second round of searches in connection with this case. In December 2023, searches were conducted at 13 locations involving private individuals and UCO Bank officials in Kolkata and Mangalore. Approximately 130 incriminating documents related to UCO Bank and IDFC, along with 43 digital devices, were seized during these operations for forensic analysis. Additionally, 30 suspects were found and examined on the spot.
The case, initiated on a complaint from UCO Bank in late November 2023, alleges that between November 10 and 13, IMPS inward transactions from around 14,600 account holders of seven private banks were wrongfully posted in the accounts of over 41,000 UCO Bank account holders. Consequently, Rs 820 crore was credited to UCO Bank accounts without the money being debited from their source banks.
