In November of the preceding year, UCO Bank took a significant step by filing a First Information Report (FIR) with the Central Bureau of Investigation (CBI), specifically targeting two of its support engineers and several unidentified individuals allegedly involved in an inadvertent crediting of Rs 820 crore to multiple accounts. The ongoing investigation into this matter, pertaining to an alleged Immediate Payment Service (IMPS) scam, has led the CBI to conduct searches at approximately 13 locations, spanning regions like West Bengal and Karnataka.
The focus of these searches has been on the premises of the accused parties, including both private individuals and bank officials. These operations have yielded the recovery of vital electronic evidence, including mobile phones, laptops, computer systems, email archives, and debit/credit cards.
The foundation of this case lies in a formal complaint filed by UCO Bank, accusing two of its support engineers, along with unidentified accomplices, of orchestrating suspicious IMPS transactions during a specific period from November 10 to November 13, 2023. The charges revolve around IMPS inward transactions from 14,000 account holders across seven private banks, channeling funds to 41,000 account holders within UCO Bank through an intricate web of 8,53,049 transactions.
Despite originating banks reporting failed transactions, an approximate sum of Rs 820 crore allegedly found its way into UCO Bank accounts without the requisite debits from the account holders of the originating banks. Furthermore, it was alleged that certain account holders took advantage of this situation, wrongfully withdrawing funds from UCO Bank through diverse banking channels, thereby exploiting the erroneous transaction to their benefit.
In December of the same year, UCO Bank managed to recover Rs 705.31 crore out of the erroneously credited Rs 820 crore that had been dispersed across multiple accounts. The investigation into this complex matter is currently underway, as authorities diligently work to uncover the intricacies surrounding the alleged IMPS scam.
