In a major crackdown, the Central Bureau of Investigation (CBI) has launched extensive searches at more than 67 locations in connection with an Rs 820-crore Immediate Payment Service (IMPS) scam involving UCO Bank. The raids, spanning across seven cities in Rajasthan and Maharashtra, mark a significant development in the investigation into the alleged fraudulent transactions.
The investigation stems from a case filed by UCO Bank on November 21, 2023, following a complaint. It was alleged that between November 10 to 13, 2023, IMPS transactions from around 14,600 account holders of seven private banks were erroneously posted into the accounts of over 41,000 UCO Bank customers. This led to a staggering sum of Rs 820 crore being credited to UCO Bank accounts without corresponding debits from the originating banks.
The scam facilitated wrongful gains for numerous account holders who exploited the situation by withdrawing funds through various banking channels. Earlier searches were conducted in Kolkata and Mangalore in December 2023, targeting private individuals and UCO Bank officials.
Continuing the probe, on March 6, 2024, extensive search operations were conducted in Rajasthan, including Jodhpur, Jaipur, Jalore, Nagaur, Barmer, and Phalodi, along with Pune in Maharashtra. During these operations, authorities seized approximately 130 incriminating documents related to UCO Bank and IDFC, along with 43 digital devices, including mobile phones, hard disks, and an internet dongle, for forensic analysis.
Moreover, 30 suspects were found and examined on-site. To ensure the smooth conduct of the searches, a total of 120 Rajasthan Police personnel, including armed forces, were deployed. Additionally, 210 personnel, comprising 40 teams consisting of 130 CBI officials and 80 independent witnesses from various departments, were involved in the operation.
As the investigation progresses, further scrutiny into the case is underway. The CBI remains committed to unraveling the complexities of the IMPS scam, aiming to bring those responsible to justice and safeguarding the integrity of the banking system.
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