₹820 Crore UCO Bank Scam: CBI Raids 67 Locations in Rajasthan and Maharashtra

New Delhi: The Central Bureau of Investigation (CBI) has intensified its probe into a massive Rs 820 crore scam at UCO Bank by conducting raids across two states. Over 67 locations in Rajasthan and Maharashtra were searched in connection with suspicious Immediate Payment System (IMPS) transactions.

Last year, between November 10-13, over 8,53,049 IMPS transactions occurred, resulting in the wrongful transfer of funds to the accounts of more than 41,000 UCO Bank customers.

According to a CBI spokesperson, IMPS inward transactions from approximately 14,600 account holders of seven private banks were erroneously credited to UCO Bank accounts, without actual debiting from the originating banks. The searches targeted individuals who received and withdrew the funds without returning them to the bank.

This recent operation marks the second round of searches in connection with the case. In December 2023, similar searches were conducted at 13 locations involving private individuals and UCO Bank officials in Kolkata and Mangalore. During these operations, authorities seized approximately 130 incriminating documents related to UCO Bank and IDFC, along with 43 digital devices for forensic analysis. Additionally, 30 suspects were examined on-site.

The case originated from a complaint filed by UCO Bank in late November 2023, alleging wrongful IMPS transactions between November 10 and 13, where funds from private bank account holders were mistakenly posted to UCO Bank accounts, resulting in the wrongful crediting of Rs 820 crore without proper debiting from the source banks.