The Central Bureau of Investigation (CBI) conducted searches at 67 locations in seven cities across Rajasthan and Maharashtra, pertaining to suspicious IMPS transactions totaling Rs 820 crore at UCO Bank. These transactions, which occurred between November 10-13 last year, involved wrongful transfers to the accounts of over 41,000 UCO Bank account holders.
The raids targeted individuals who received and withdrew the wrongfully transferred funds, rather than returning them to the bank. This marks the second round of searches in the case, following previous operations conducted in December 2023 in Kolkata and Mangalore, involving private individuals and UCO Bank officials.
Key Findings and Case Background
During the raids, approximately 130 incriminating documents related to UCO Bank and IDFC were seized, along with 43 digital devices for forensic analysis. Additionally, 30 suspects were identified and examined on the spot.
The case stems from a complaint filed by UCO Bank in late November 2023. It alleges that IMPS inward transactions from around 14,600 account holders of seven private banks were wrongly credited to the accounts of over 41,000 UCO Bank account holders. Consequently, Rs 820 crore was credited to UCO Bank accounts without being debited from the source banks.
