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    CBI conducts extensive searches in Rs 820-crore IMPS fraud case | ActionPunjab

    PTC Web Desk: The Central Bureau of Investigation (CBI) has conducted extensive searches at 67 locations across seven cities in Rajasthan and Maharashtra as part of an investigation into suspicious IMPS (Immediate Payment System) transactions amounting to Rs 820 crore reported at UCO Bank.

    The unusual activity took place in 2023, involving over 8,53,049 IMPS transactions between November 10-13. During this period, Rs 820 crore was wrongfully transferred to the accounts of more than 41,000 UCO Bank account holders. A CBI spokesperson said “IMPS inward transactions initiated from around 14,600 account holders of seven private banks were wrongfully posted in the accounts of over 41,000 UCO Bank account holders. This resulted in Rs. 820 crore being credited to UCO Bank accounts without actual debiting from the originating banks.”

    The recent searches in Rajasthan and Maharashtra primarily targeted individuals who had received the money and withdrew it without returning it to the bank. This marks the second phase of searches in connection with this case. In December 2023, searches were previously conducted at 13 locations involving private individuals and UCO Bank officials in Kolkata and Mangalore.

    During the earlier operations, the authorities seized approximately 130 incriminating documents related to UCO Bank and IDFC. Additionally, 43 digital devices, including 40 mobile phones, 2 hard disks, and 1 internet dongle, were confiscated for forensic analysis. On-the-spot examinations were conducted for 30 suspects.

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    The case was initially registered in late November 2023 based on a complaint from UCO Bank. As per the allegations, between November 10 and 13, IMPS inward transactions from approximately 14,600 account holders of seven private banks were wrongly posted in the accounts of over 41,000 bank account holders. Consequently, Rs 820 crore was credited to UCO Bank accounts without the corresponding debiting from the source banks.

    The investigation aims to uncover the details of the fraudulent transactions, identify those involved, and determine the extent of the financial irregularities. The CBI’s concerted efforts involve scrutinising the flow of funds, tracing the recipients, and establishing the chain of events leading to the wrongful crediting of funds to bank accounts. The forensic analysis of seized documents and digital devices is expected to provide crucial insights into the modus operandi and potential collusion among individuals or entities involved in the suspicious transactions.

    Author: actionpunjab

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