UCO Bank Scam: Raids Conducted in 67 Locations, Seizing Mobiles and Hard Disks

The Central Bureau of Investigation (CBI) conducted raids in Rajasthan and Maharashtra on Wednesday as part of an investigation into an IMPS scam involving UCO Bank worth Rs. 820 crore. These raids took place at 67 locations across seven cities in the two states, including Jodhpur, Jaipur, Jalore, Nagaur, Barmer, and Pune.

During the raids, the investigating agency seized 130 documents, 40 mobile phones, 2 hard disks, and internet dongles. The central agency is scrutinizing 8,53,049 IMPS (Instant Payment System) transactions at UCO Bank that occurred between November 10 and November 13 last year.

Forensic investigations will be conducted into these matters. Additionally, the CBI interrogated thirty suspects on the spot during the raids. In December 2023, the CBI also conducted raids at 13 locations in Kolkata and Mangalore related to this case.

The Central Bureau of Investigation (CBI) stated that IMPS inward transactions from approximately 14,600 account holders across seven private banks were erroneously credited to the accounts of over 41,000 account holders of UCO Bank. As a result, 820 crore rupees were deposited into UCO Bank accounts without deductions from the original banks. UCO Bank filed a complaint regarding this matter in November 2023.

The CBI spokesperson mentioned that the searches conducted in Rajasthan and Maharashtra are aimed at individuals who received the funds but instead of returning them to the bank, withdrew the money through various transaction channels.

Initially, the alleged scam involving the bank was estimated at Rs. 1.53 crore. The bank reported to the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) that this discrepancy was due to a technical glitch. Subsequently, in a letter dated November 16, the bank informed NSE and BSE that it had blocked accounts related to the incident and managed to recover Rs. 649 crore out of the total Rs. 820 crore involved in the matter.