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UCO Bank's Unprecedented Credit Glitch: CBI Probes Rs 820 Cr Scam

The CBI initiated an investigation into a curious scenario where over 41,000 UCO Bank customers received unexpected credits totaling Rs 820 crore without corresponding debits. The transactions originated from private bank accounts, prompting a widespread inquiry into this unusual financial anomaly.


UCO Bank's Unprecedented Credit Glitch: CBI Probes Rs 820 Cr Scam Image Source -www.thefederal.com

UCO Bank customers were taken by surprise as the Central Bureau of Investigation (CBI) delved into an extraordinary event. Around November 10-13, over 41,000 UCO Bank customers encountered an unforeseen credit influx amounting to Rs 820 crore. This unexpected windfall occurred without any corresponding debits in the originating accounts, prompting a serious investigation by the CBI.

The CBI launched a thorough inquiry after UCO Bank lodged a complaint, implicating two support engineers and unidentified individuals allegedly involved in suspicious Immediate Payment Service (IMPS) transactions. These transactions originated from 14,000 private bank account holders and reached UCO Bank customers via 8.53 lakh IMPS transactions within three days.

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The probe extended across 13 locations in various cities, including Kolkata and Mangalore. Electronic evidence like mobile phones, laptops, and email archives were recovered during these searches, intensifying the investigation's scope.

It was revealed that despite originating banks registering failed transactions, funds were mistakenly posted in UCO Bank account holders' records. This intricate network of over 8,53,049 transactions involved several account holders illicitly withdrawing funds from UCO Bank through different banking channels.

The investigation continues, aiming to untangle the complexities of this financial anomaly. The CBI's involvement sheds light on the seriousness of the matter, seeking to ascertain the involvement of all parties in this inexplicable credit surge.

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Arijit Dutta

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