The Central Bureau of Investigation (CBI) has initiated a probe into an alleged fraud amounting to ₹820 crores from UCO Bank accounts. The agency conducted searches at 13 locations, spanning Kolkata in West Bengal and Mangalore in Karnataka. The searches targeted individuals, including bank officials, connected to the alleged fraud, resulting in the recovery of crucial electronic evidence such as mobile phones, laptops, computer systems, email archives, and debit/credit cards.
The case, brought to light by UCO Bank, revolves around suspicious transactions conducted through the Immediate Payment Service (IMPS). The complaint filed by the bank implicated two support engineers employed by UCO Bank, along with unidentified individuals. The alleged fraudulent activities occurred between November 10 and 13, 2023, raising concerns about the integrity of the IMPS channel.
The intricate web of transactions, as termed by the complainant, involved IMPS inward transactions originating from 14,000 account holders across seven private banks. Shockingly, these transactions were directed to 41,000 account holders within UCO Bank through the IMPS channel. The complaint detailed a staggering 8,53,049 transactions that were “mistakenly” posted in UCO Bank account-holders’ records, despite the originating banks registering failed transactions. Consequently, an approximate sum of ₹820 crores allegedly found its way into UCO Bank accounts without the proper debits from the originating banks’ account holders.
Apart from the fraudulent inflow of funds, the CBI is also investigating allegations that several account holders took advantage of the situation by withdrawing funds from UCO Bank through various banking channels.The recovery of electronic evidence during the searches provides a crucial trail that investigators will follow to uncover and establish a path of the alleged fraud.
