The Central Bureau of Investigation has conducted searches at around 13 locations, including Kolkata (West Bengal) and Mangalore (Karnataka), at the premises of the accused and others, including private persons and bank officials. During the searches, electronic evidence, including mobile phones, laptops, computer systems, email archives, and debit/credit cards, was recovered.
Details of investigation
A case was registered based on a complaint from UCO Bank against two Support Engineers working with UCO Bank and other unknown persons, alleging suspicious Immediate Payment Service (IMPS) transactions amounting to approximately Rs. 820 crore. 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 wrongfully benefiting from the transaction.
The investigation is ongoing.
