UCO bank customers get Rs 820 crore credit; CBI conducts searches at 13 locations
UCO bank customers get Rs 820 crore credit; CBI conducts searches at 13 locations
By: Pune Pulse
December 6, 2023
Pune: On Tuesday, officials of the Central Bureau of Investigation (CBI) conducted searches in 13 different locations and filed a First Information Report (FIR) regarding ₹ 820 crore that was mistakenly transferred to 41,000 UCO bank account holders through IMPS in November of this year.
The search operation, which extended until the late hours of Monday night, encompassed 13 locations in various cities, such as Kolkata and Mangalore, as stated by officials. The CBI took action after the FIR was filed by UCO Bank against two support engineers employed by the bank and other unidentified individuals.
The complaint alleged that there were suspicious Immediate Payment Service (IMPS) transactions totalling around ₹ 820 crore, as stated by the agency spokesperson.
As per the information provided, a total of 8.53 lakh IMPS transactions occurred between November 10 and 13 this year. These transactions involved ₹ 820 crore, which was transferred from 14,000 account holders of private banks to 41,000 accounts of UCO Bank customers.
As per the information received, the accounts received the transactions even though the originating banks reported them as ‘failed transactions’.
As a result, an estimated amount of ₹820 crore was deposited into UCO Bank accounts without the proper debits from the account holders of the originating banks. UCO Bank has reported that a number of its customers have wrongfully withdrawn funds from their transactions.
