In a significant development, the Central Bureau of Investigation (CBI) has initiated searches across multiple locations in Rajasthan and Maharashtra in connection with a case involving suspicious IMPS (Immediate Payment Service) transactions amounting to a staggering ₹820 crore across various UCO Bank accounts.
The investigation stems from a complaint filed by UCO Bank, revealing that between November 10 and 13 last year, IMPS inward transactions from 14,600 accounts of seven private banks were erroneously credited to over 41,000 UCO Bank accounts. This resulted in a massive sum of ₹820 crore being credited to UCO Bank accounts without actual debiting from the originating banks.
According to the CBI, numerous account holders exploited this situation, illicitly withdrawing funds through various banking channels. The agency filed a case on November 21 to probe the matter further.
In a statement issued today, the CBI highlighted the significant implications of the scam, emphasizing that it has led to wrongful gains for several individuals. To address the issue, the agency has undertaken extensive searches at 67 locations in Rajasthan and Maharashtra, focusing on Jodhpur, Jaipur, Jalore, Nagaur, Barmer, Phalodi, and Pune.
Previous searches conducted in December 2023 targeted individuals and UCO Bank officials in Kolkata and Mangaluru. During the latest operations, approximately 130 incriminating documents related to UCO Bank and IDFC, along with 43 digital devices comprising 40 mobile phones, two hard disks, and an internet dongle, were seized for forensic analysis.
The investigation underscores the gravity of financial crimes and the imperative for robust regulatory measures to safeguard the integrity of the banking system. As the probe progresses, authorities are committed to uncovering the full extent of the scam and holding those responsible accountable for their actions.
Sources By Agencies
