The Central Bureau of Investigation (CBI) conducted extensive searches at 67 different locations spread across seven cities in Rajasthan and Maharashtra, concerning suspicious Immediate Payment System (IMPS) transactions totaling Rs 820 crore at UCO Bank. These searches were carried out as part of an ongoing investigation into the wrongful transfer of funds during a specified period, particularly focusing on individuals who received these funds and subsequently withdrew them, instead of returning the money to UCO Bank.
Last year, between November 10 and 13, a staggering 8,53,049 IMPS transactions occurred, resulting in the wrongful transfer of Rs 820 crore to the accounts of more than 41,000 UCO Bank account holders. The CBI spokesperson, commenting on the raids, highlighted the misappropriation of funds, wherein IMPS inward transactions intended for around 14,600 account holders of seven private banks were erroneously credited to the accounts of UCO Bank customers, sans actual debiting from the originating banks.
Emphasizing the nature of the searches, the spokesperson elucidated that the focus was primarily on individuals who had received these funds and subsequently withdrew them without adhering to the rightful procedure of returning the money to the bank. This latest series of searches marks the second phase of investigative efforts in this case.
The previous round of searches, conducted in December 2023, spanned 13 locations and targeted private individuals as well as UCO Bank officials in Kolkata and Mangalore. During these operations, law enforcement authorities seized approximately 130 potentially incriminating documents of UCO Bank and IDFC, alongside 43 digital devices comprising 40 mobile phones, 2 hard disks, and 1 internet dongle for further forensic analysis. Additionally, 30 individuals were identified and questioned on-site during these searches.
The genesis of the case dates back to late November 2023 when UCO Bank filed a complaint, alleging the wrongful posting of IMPS inward transactions from seven private banks into the accounts of over 41,000 UCO Bank customers. Consequently, Rs 820 crore was erroneously credited to UCO Bank accounts without the corresponding funds being debited from the source banks.
