CBI Probes ₹820 Crore Credit Mystery: UCO Bank Faces Unusual Transactions Impacting Over 41,000 Customers

The Central Bureau of Investigation (CBI) has launched a probe into a case where more than 41,000 UCO Bank customers experienced unexpected credits totaling ₹820 crore in their accounts between November 10 and November 13. During this period, funds were transferred through 8.53 lakh Immediate Payment Service (IMPS) transactions from 14,000 account holders of private banks to UCO Bank customers. Remarkably, there were no corresponding debits from the originating bank accounts.

In response to the unusual transactions, the CBI conducted searches at 13 locations in various cities, including Kolkata and Mangalore. The surprise credits were reportedly withdrawn by several account holders, leading UCO Bank to file a complaint with the central probe agency.

The FIR filed by UCO Bank implicated two support engineers and other unidentified individuals for their alleged involvement in "suspicious" IMPS transactions. The searches conducted by the CBI resulted in the recovery of electronic evidence, including mobile phones, laptops, computer systems, email archives, and debit/credit cards.

According to the CBI spokesperson, the intricate network behind the transactions involved a staggering 8,53,049 transactions. Despite originating banks recording failed transactions, these transactions were mistakenly posted in UCO Bank account-holders' records.

The investigation also revealed that several account holders took advantage of the situation, unlawfully withdrawing funds from UCO Bank through various banking channels, thereby wrongfully benefiting from the transaction. The CBI is now delving deeper into the case to uncover the details of this financial anomaly.