Investigation Unveils Intricate Network of Transactions Across Seven Private Banks
In a recent development, the Central Bureau of Investigation (CBI) has initiated a probe into alleged suspicious Immediate Payment Service (IMPS) transactions amounting to Rs 820 crore in UCO Bank during November of this year. The investigation, which follows an FIR lodged by UCO Bank against two support engineers and unidentified individuals, has led to a widespread search operation spanning 13 locations across multiple cities.
Multi-City Search Operation Reveals Electronic Trail
The intensive search operation, extending into the late hours of Monday night, encompassed diverse locations, including Calcutta and Mangalore, as authorities aimed to unearth the intricate web of transactions. During the searches, electronic evidence such as mobile phones, laptops, computer systems, email archives, and debit/credit cards were seized, shedding light on the alleged financial irregularities.
IMPS Transactions Route Through Seven Private Banks
The CBI spokesperson revealed that the FIR alleges a complex chain of IMPS inward transactions between November 10th and 13th, 2023. Reportedly, funds originating from 14,000 account holders across seven private banks were directed to 41,000 account holders within UCO Bank through the IMPS channel. The investigation aims to unravel the depth of this financial network, implicating not only the two support engineers but also unknown individuals involved in orchestrating the suspicious transactions.
