In a major operation, the Central Bureau of Investigation (CBI) conducted simultaneous raids at 62 locations across multiple states in connection with an alleged Rs 820-crore scam involving Immediate Payment Service (IMPS) transactions in UCO Bank. According to officials, the raids were conducted as part of an ongoing investigation into the fraudulent transfer of funds through the IMPS platform. The scam, which is believed to have originated from multiple locations, has raised concerns about the security and integrity of digital banking systems.
IMPS, a real-time interbank electronic fund transfer service in India, allows customers to transfer funds instantly between bank accounts using mobile phones or internet banking.The CBI's extensive search operation aimed to gather evidence related to the fraudulent transactions and to identify the individuals or entities involved in orchestrating the scam. The agency reportedly seized documents, electronic devices, and other relevant materials during the raids.The case was registered in late November 2023, on a complaint from UCO Bank. It has been alleged that between November 10 and 11, IMPS inward transactions from around 14,600 account holders of seven private banks were wrongfully posted in the accounts of over 41,000 UCO Bank account holders.As a result, Rs 820 crore was credited to UCO Bank accounts without the money actually being debited from their originating banks.“Numerous account holders have exploited this situation, making wrongful gains by withdrawing funds through various banking channels,” CBI said.Earlier in December 2023, searches were conducted at 13 locations involving private individuals and UCO Bank officials in Kolkata and Mangaluru.