CBI Initiates FIR As 41,000 UCO Bank Customers Receive Rs 820 Cr Credit
The Central Bureau of Investigation (CBI) has initiated an FIR regarding a case involving approximately Rs 820 crore being credited to over 41,000 UCO Bank customers' accounts between 10 November and 13 November. These unexpected credits came from 8.53 lakh Immediate Payment Service (IMPS) transactions originating from 14,000 account holders of private banks, with no corresponding debits from the originating accounts.
The CBI conducted searches at 13 locations across multiple cities, including Kolkata and Mangalore, as part of an ongoing operation related to this case. The transactions were flagged when UCO Bank noticed the unexplained inflow and approached the CBI, filing a complaint against two support engineers and other unidentified individuals involved in allegedly "suspicious" IMPS transactions.
Electronic evidence, such as mobile phones, laptops, computer systems, email archives and debit/credit cards, was seized during these searches. The transactions, which totaled 8,53,049, were erroneously recorded in UCO Bank account records despite the originating banks registering them as failed transactions.
It was also reported that certain account holders took advantage of this situation by wrongfully withdrawing funds from UCO Bank through various banking channels. The investigation is delving into the intricate network behind these transactions, focusing on how these credits were posted to UCO Bank accounts despite originating banks flagging them as failed transactions.
This case highlights the complexities of the banking system and raises concerns about the misuse of such situations by individuals to wrongfully benefit from banking discrepancies. The CBI's ongoing investigation aims to uncover the details of this elaborate transaction network and identify all involved parties.
