UCO Bank has recently found itself in a predicament involving an accidental transfer of ₹820 crore. The bank has reached out to the Central Bureau of Investigation (CBI) for assistance in resolving this issue.
Due to a technical malfunction, a large number of UCO Bank’s customers found their accounts credited with substantial sums. The bank has since managed to retrieve approximately 79 percent of the erroneously transferred amount and is making concerted efforts to recover the rest.
UCO Bank has previously faced financial controversies. In 2018, the CBI interrogated the bank’s former chairman and managing director, Arun Kaul, in relation to a suspected bank loan fraud case amounting to ₹ 737 crore. Enforcement Directorate registered a money laundering case concerning an alleged ₹621 crore loan fraud involving UCO Bank.
The bank is now channeling its resources towards recouping the remaining amount from the recent transaction debacle. This incident highlights the critical need for secure and reliable banking systems to prevent such mishaps. It also emphasizes the necessity for rigorous checks within the banking sector to protect the interests of customers and stakeholders.