The Central Bureau of Investigation (CBI) conducted search operations on Thursday, March 7, in connection with a case related to suspicious Immediate Payment Service (IMPS) transactions estimating ₹820 crore across multiple UCO Bank accounts. The investigation agency searched at around 67 locations in seven cities in Rajasthan and Maharashtra.
In December 2023, the CBI conducted searches at 13 locations involving private individuals and UCO Bank officials in Kolkata and Mangalore.
In a complaint filed on November 21, 2023, UCO Bank alleged IMPS inward transactions initiated by around 14,600 account holders of seven private banks were wrongfully posted in the accounts of over 41,000 UCO Bank account holders between November 11 and 13, 2023. As a result of this, ₹820 crore was credited to UCO Bank accounts without actual debiting from the originating banks. Following this complaint by the bank, CBI registered a case on November 21, 2023.
It has been found that many account holders exploited the situation and made wrongful gains by withdrawing funds through various banking channels.
The investigation agency conducted search operations on Wednesday, March 6, in Rajasthan’s Jodhpur, Jaipur, Jalore, Nagaur, Barmer and Phalod and in Pune, Maharashtra.
CBI took hold of nearly 130 incriminating documents related to UCO Bank and IDFC and 43 digital devices which include 40 mobile phones, 2 hard disks, and 1 internet dongle for forensic analysis, during these search operations. It also found 30 suspects and examined them on the spot.
In the operation, 120 Rajasthan Police personnel, including armed forces, were involved, along with 130 CBI officials and 80 independent witnesses comprising 40 teams.
The CBI has said that the investigation into the matter is ongoing.
At around time of market closing on Thursday, UCO Bank stock dropped nearly 1.79% to close at ₹57.50 on the NSE.
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