CBI conducts searches in seven cities in an on-going investigation of a case in connection with suspicious IMPS transactions
FinTech BizNews Service
Mumbai, March 7, 2024: The Central Bureau of Investigation (CBI) has conducted further search operations at 67 locations in seven cities of Rajasthan and Maharashtra in connection with a case related to suspicious IMPS (Immediate Payment Service) transactions amounting to approximately Rs. 820 crore across multiple UCO Bank accounts.
CBI had registered a case on 21.11.2023 on a complaint received from UCO Bank. It was alleged that between 10.11.2023 to 13.11.2023, IMPS inward transactions initiated from around 14,600 account holders of seven private banks were wrongfully posted in the accounts of over 41,000 UCO Bank account holders. This resulted in Rs. 820 crore being credited to UCO Bank accounts without actual debiting from the originating banks. Numerous account holders have exploited this situation, making wrongful gains by withdrawing funds through various banking channels.
Earlier in December 2023, searches were conducted at 13 locations involving private individuals and UCO Bank officials in Kolkata and Mangalore.
In continuation to the above, extensive search operations were carried out on 06.03.2024 in Rajasthan (including Jodhpur, Jaipur, Jalore, Nagaur, Barmer, Phalodi) and Pune (Maharashtra). During these operations, approximately 130 incriminating documents related to UCO Bank and IDFC, as well as 43 digital devices (including 40 mobile phones, 2 hard disks, and 1 internet dongle) were seized for forensic analysis. Additionally, 30 suspects were also found and examined on the spot.
A total of 120 Rajasthan Police personnel, including armed forces, were deployed to ensure the smooth conduct of the search operations. Further, 210 personnel comprising 40 teams, including 130 CBI officials, and 80 independent witnesses from various departments were also involved in the operation.
The investigation into this matter is continuing.
