UCO Bank IMPS Scam
The Central Bureau of Investigation (CBI) has carried out extensive raids across 67 locations in Rajasthan and Maharashtra in connection with suspicious Immediate Payment Service (IMPS) transactions valued at Rs 820 crore reported at UCO Bank.
On March 6, the CBI conducted raids in various cities of Rajasthan, including Jodhpur, Jaipur, Jalore, Nagaur, Barmer, and Phalodi, as well as in Pune, Maharashtra.
“In the course of these operations, approximately 130 potentially incriminating documents about UCO Bank and IDFC, along with 43 digital devices (comprising 40 mobile phones, 2 hard disks, and 1 internet dongle), were seized for forensic analysis,” stated the CBI in a press release. Additionally, 30 suspects were interrogated on-site.
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Earlier, the CBI had conducted raids at 13 locations in connection with this case.
UCO Bank IMPS scam case
In late November 2023, a case was registered based on a complaint from UCO Bank, alleging fraudulent activity. It was reported that between November 10 and 11, Immediate Payment Service (IMPS) inward transactions from approximately 14,600 account holders of seven private banks were erroneously credited to the accounts of over 41,000 UCO Bank account holders.
This resulted in Rs 820 crore being credited to UCO Bank accounts without the corresponding debits from the originating banks.
The Central Bureau of Investigation (CBI) stated that numerous account holders took advantage of this situation, illicitly withdrawing funds through various banking channels.
In December 2023, searches were conducted at 13 locations involving private individuals and UCO Bank officials in Kolkata and Mangaluru as part of the ongoing investigation.
