CBI files FIR, searches 13 locations over Rs 820 cr IMPS transactions in UCO Bank

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The CBI carried out searches in 13 locations and registered an FIR in connection with Rs 820 crore that "mistakenly" landed in 41,000 UCO Bank account holders through IMPS in November this year, officials said on Tuesday.

The search operation, which continued till late night Monday, covered 13 premises in multiple cities, including Kolkata and Mangalore, they said.

The CBI action came following the FIR that was registered on a complaint from UCO Bank against two support engineers working with the bank and other unknown persons. It alleged suspicious Immediate Payment Service (IMPS) transactions amounting to approximately Rs. 820 crore, the agency spokesperson said in a statement.

Between November 10 and 13 this year, over 8.53 lakh IMPS transactions took place in which Rs 820 crore originating from 14,000 account holders of private banks landed in the 41,000 accounts of UCO Bank customers, the agency said.

The transactions were "mistakenly" posted in the accounts despite originating banks registering "failed transactions", it said.

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"Consequently, an approximate sum of Rs 820 crore allegedly found its way into UCO Bank accounts without proper debits from the originating banks' account holders," the statement said.

Several UCO Bank customers withdrew the amount "benefiting wrongfully" from the transaction, it said.

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