Wednesday, April 17, 2024
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CBI conducts searches at 67 locations in connection with ₹820 crore IMPS scam in UCO Bank

The Central Bureau of Investigation (CBI) on Thursday said it has conducted further search operations at 67 locations in seven cities of Rajasthan and Maharashtra in connection with a case related to suspicious IMPS (immediate payment service) transactions amounting to approximately 820 crore across multiple UCO Bank accounts.

The agency had registered a case on November  21, 2023 on a complaint received from the UCO Bank.

In the complaint It was alleged that between November 10 to November 13, 2023, IMPS inward transactions initiated from around 14,600 account holders of seven private banks were wrongfully credited in the accounts of over 41,000 UCO Bank account holders.

This resulted in 820 crore being credited to UCO Bank accounts without actual debiting from the originating banks.

“Numerous account holders have exploited this situation, making wrongful gains by withdrawing funds through various banking channels,” said the CBI in a statement.

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Published: 07 Mar 2024, 03:23 PM IST

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