UCO Bank Fraud: Two Engineers Transfer 820 Crore INR From 7 Private Banks

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New Delhi: The Central Bureau of Investigation (CBI) has initiated an inquiry against two sports engineers from UCO Bank in West Bengal and Karnataka. Raids were conducted at 13 locations, including Kolkata and Mangalore, targeting the accused, which also involved bank officials.

UCO Bank Raises Alarm

Uco Bank filed a complaint with the CBI, alleging that two sports engineers working in the bank transferred 820 crore INR from seven private banks to their bank accounts between November 10, 2023, and November 13, 2023. ()

Swift Transactions via IMPS

The funds were then moved from 14,000 accounts in the private banks to 41,000 accounts in UCO Bank, with no proper record in the bank's books. The transactions were carried out through Immediate Payment Service (IMPS), involving a staggering 853,049 transactions within three days. ()

Failed Transactions and Missing Debits

The bank claims that the accounts from which the money was transferred are showing failed transactions, while UCO Bank's accounts reflect the funds without proper debits.

Account Holders Withdraw Funds

The major concern arises as a significant number of account holders, who received these funds, have reportedly withdrawn the money, mostly utilizing other banking partners.

CBI Investigation

Following this revelation, the CBI has registered a case and initiated searches to further investigate the matter.