The Central Bureau of Investigation (CBI) has conducted searches at 13 locations including in Kolkata in West Bengal and Mangalore in Karnataka in relation with an alleged fraud of ₹820 crores from UCO Bank accounts. Searches conducted at the premises of the accused, including bank officials, led to recovery of electronic evidence like mobile phones, laptops, computer systems, email archives and debit/credit cards.
The case being probed by the CBI was registered on the complaint by UCO Bank against two support engineers working with it, as well as other unknown people, on the allegations of suspicious Immediate Payment Service (IMPS) transactions amounting to ₹820 crores.
The complaint alleged that between November 10 and 13, 2023, IMPS inward transactions originating from 14,000 account holders across seven private banks were directed to 41,000 account holders within the UCO Bank through the IMPS channel.
Terming this web of transactions an "intricate network", the complaint cited 8,53,049 transactions which were “mistakenly” posted in the UCO Bank account-holders' records, despite the originating banks registering failed transactions. Consequently, an approximate sum of ₹820 crore allegedly found its way into UCO Bank accounts without proper debits from the originating banks' account holders.
CBI is also probing the allegations of several account holders exploiting this situation by illicitly withdrawing funds from the UCO Bank through various banking channels, which allegedly amounted to gaining wrongful benefits from the transaction.
(Edited by : Keshav Singh Chundawat)
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