UCO Bank IMPS Glitch Case: CBI Searches 67 More Locations

The Central Bureau of Investigation has conducted searches in 67 more locations in the on-going UCO Bank IMPS glitch case.

The searches were conducted across Rajasthan and Maharashtra on March 6. The cities that were searched include Jodhpur, Jaipur, Jalore, Nagpur, Barmer, Phalodi and Pune, among others.

During the searches, the CBI found approximately 130 incriminating documents related to UCO Bank and IDFC; 43 digital devices were seized for forensic analysis; and 30 suspects were also examined on the spot.

The latest searches are following an FIR that the CBI filed after receiving a complaint from UCO Bank. In December 2023, too, the agency conducted searches at 13 locations where private individuals were involved, along with UCO Bank officials in Kolkata and Mangalore.

The development came days after UCO Bank reported an IMPS glitch in November, resulting in the erroneous crediting of Rs 820 crore to multiple recipients.

Due to several reports of problems in the channel from Nov. 10–13, 2023, the bank put its IMPS channel offline.

In December's press statement, the CBI said it was alleged that 8,53,049 transactions took place and were mistakenly posted in UCO Bank accounts, despite the originating banks registering failed transactions.

Further, several account holders allegedly exploited the situation by withdrawing funds from UCO Bank through various banking channels, the investigating agency said.