CBI conducts raid in WB, Karnataka in IMPS transaction case worth Rs 820 cr involving UCO bank

New Delhi [India], December 5 (ANI): The Central Bureau of Investigation (CBI) on Tuesday conducted searches at around 13 locations including West Bengal and Karnataka the premises of the accused amd others including private persons and bank officials.

The searches were conducted in Kolkata and Mangalore.

During searches, electronic evidence including mobile phones, laptops, computer systems, email archives, and debit/credit cards were recovered.

A case was registered on a complaint from UCO Bank, against two Support Engineers working with UCO Bank and other unknown persons on the allegations of suspicious Immediate Payment Service (IMPS) transaction amounting to approximately Rs 820 crore.

CBI said that it was alleged that between November 10, 2023, and November 13, 2023, IMPS inward transactions originating from 14,000 account holders across seven private banks were directed to 41,000 account holders within UCO Bank through the IMPS channel.

It was further alleged that this intricate network involved a staggering 8,53,049 transactions and these transactions were mistakenly posted in the UCO Bank account-holders’ records, despite the originating banks registering failed transactions. Consequently, an approximate sum of Rs 820 crore allegedly found its way into UCO Bank accounts without proper debits from the originating banks’ account holders.

“It was also alleged that several account holders exploited this situation, illicitly withdrawing funds from UCO Bank through various banking channels, thereby benefiting wrongfully from the transaction,” the central agency said.

Further investigation is underway.