The Central Bureau of Investigation (CBI) has registered an FIR in reference to Rs 820 crore value of suspicious Immediate Payment Service (IMPS) transactions in UCO Bank in November this 12 months and searched 13 locations across a number of cities in the country.
According to officers, the search operations had been performed on Monday and continued until late evening. It coated Kolkata and Mangalore, they added.Â
UCO Bank points assertion
In a press release, the company spokesperson mentioned that the CBI’s action adopted the submitting of a proper criticism (FIR) by UCO Bank in opposition to two of its assist engineers in addition to different unidentified people. It alleged suspicious IMPS transactions amounting to roughly Rs 820 crore, he added.Â
During the searches, digital proof, together with cell phones, laptops, laptop techniques, e-mail archives and debit/bank cards, had been recovered, he mentioned.
“It was alleged that between 10th November 2023 and 13th November 2023, IMPS inward transactions originating from 14000 account holders across seven private banks were directed to 41000 account holders within UCO Bank through the IMPS channel,” the company spokesperson added.Â
The UCO Bank has recovered Rs 649 crore or 79 per cent of the quantity erroneously credited to some accounts of the financial institution through Immediate Payment Service. By taking varied proactive steps, the financial institution blocked the recipients’ accounts and has been capable of get better Rs 649 crore out of Rs 820 crore which is about 79 per cent of the quantity, UCO Bank mentioned in a regulatory submitting.
What is IMPS?Â
It is to be famous that the IMPS platform is operated by the National Payments Corporation of India (NPCI). IMPS is a real-time interbank digital funds switch system that occurs straight with out intervention.
(With PTI inputs)
ALSO READ:Â Finance Ministry asks PSU banks to take measures to strengthen cybersecurity
