CBI searches 13 locations in Rs 820cr 'suspicious' transaction case

New Delhi : Days after registering the case in connection with the suspicious transaction case of Rs 820 crore from the UCO Bank, the Central Bureau of Investigation (CBI) on Tuesday said that it has carried out searches at 13 locations in West Bengal and Karnataka at the premises of accused and others including bank officials and private persons.

A CBI official here said that the agency conducted searches at around 13 locations including at Kolkata and in Karnataka's Mangaluru at the premises of accused and others including private persons or bank officials. The official said that during searches, electronic evidence including mobile phones, laptops, computer systems, email archives, and debit or credit cards were recovered.

The official said that the agency registered a case on complaint from UCO Bank, against two Support Engineers working with it and other unknown persons on the allegations of suspicious Immediate Payment Service (IMPS) transaction amounting to approximately Rs 820 crore.

The official said that in the complaint, the bank has alleged that between November 10 and 13 this year, IMPS inward transactions originating from 14,000 account holders across seven private banks were directed to 41,000 account holders within UCO Bank through the IMPS channel.

The complaint also alleged that this intricate network involved a staggering 8,53,049 transactions and these transactions were mistakenly posted in the UCO Bank account-holders' records, despite the originating banks registering failed transactions.

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

The CBI also said that it was also alleged that several account holders exploited this situation, illicitly withdrawing funds from UCO Bank through various banking channels, thereby benefiting wrongfully from the transaction.