CBI swings into action over IMPS transactions in UCO Bank, files FIR and searches 13 locations across country
1 year ago

CBI swings into action over IMPS transactions in UCO Bank, files FIR and searches 13 locations across country

India TV News  

The Central Bureau of Investigation has registered an FIR in connection with Rs 820 crore worth of suspicious Immediate Payment Service transactions in UCO Bank in November this year and searched 13 locations across multiple cities in the country. "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 agency spokesperson added. The UCO Bank has recovered Rs 649 crore or 79 per cent of the amount erroneously credited to some accounts of the bank via Immediate Payment Service. By taking various proactive steps, the bank blocked the recipients' accounts and has been able to recover Rs 649 crore out of Rs 820 crore which is about 79 per cent of the amount, UCO Bank said in a regulatory filing.

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History of this topic

CBI raids 65 locations in ₹820-crore UCO Bank 'fraud case'
9 months, 2 weeks ago

CBI raids 65 locations in ₹820-crore UCO Bank 'fraud case'

Hindustan Times  

The The Central Bureau of Investigation said on Thursday it has uncovered a massive fraud worth ₹820 crore involving unauthorised transactions into accounts at UCO Bank, adding that it had carried out raids at 67 locations in seven cities in Rajasthan and Maharashtra. The agency identified two engineers --- Avishek Srivastava and Supriya Mallick of LCode Technologies --- for having …

CBI raids over 67 locations in connection with Rs 820-crore suspicious IMPS transactions in UCO Bank
9 months, 2 weeks ago

CBI raids over 67 locations in connection with Rs 820-crore suspicious IMPS transactions in UCO Bank

India TV News  

The Central Bureau of Investigation is conducting searches at over 67 locations in connection with Rs 820-crore IMPS scam in the UCO Bank, officials informed on Thursday. It was alleged that between 10.11.2023 to 13.11.2023, IMPS inward transactions initiated from around 14,600 account holders of seven private banks were wrongfully posted in the accounts of over 41,000 UCO Bank account …

Finance Ministry asks PSU banks to take measures to strengthen cybersecurity
1 year, 1 month ago

Finance Ministry asks PSU banks to take measures to strengthen cybersecurity

India TV News  

New Delhi: The Finance Ministry has asked state-owned banks to review systems and processes related to their digital operation in view of the recent UCO Bank incident. The Finance Ministry and RBI have been sensitising banks on this aspect at regular intervals amid the growing digitisation in the financial sector. Last week, Kolkata-based public sector lender UCO Bank reported erroneous …

UCO Bank says ₹820 crore erroneously credited to account holders, ₹649 crore recovered
1 year, 1 month ago

UCO Bank says ₹820 crore erroneously credited to account holders, ₹649 crore recovered

Live Mint  

UCO Bank on Thursday said it has recovered ₹649 crore or 79% of the ₹820 crore erroneously credited to some account holders of the bank via Immediate Payment Service. In a regulatory filing, the bank said that by taking various proactive steps, it blocked the recipients' accounts and has been able to recover ₹649 crore out of ₹820 crore. “It …

CBI searches premises of firm in ₹3,847.58-crore cheating case
1 year, 3 months ago

CBI searches premises of firm in ₹3,847.58-crore cheating case

Hindustan Times  

The Central Bureau of Investigation on Saturday carried out searches at four premises linked to a city-based firm and four of its promoters, who are accused of cheating a consortium of banks, led by State Bank of India, of ₹3,847.58 crore. The bank has alleged that the firm, Unity Infraprojects Limited, allegedly diverted the loan money it had obtained from …

CBI lodges FIR against UP-based firm for defrauding banks of Rs 6,883 crore
3 years, 4 months ago

CBI lodges FIR against UP-based firm for defrauding banks of Rs 6,883 crore

India Today  

The Central Bureau of Investigation has registered an FIR against an Uttar Pradesh-based firm for defrauding at least 10 banks to the tune of Rs 6,833 crore, officials said. The case has been lodged by the federal probe agency on the complaint of Central Bank of India against Shri Lakshmi Cotsyn Limited, its directors - Dr Mata Prasad Agarwal, Sharda …

CBI Raids Several Locations in 2 Separate Bank Fraud Cases Worth Rs 1,000 Crore
4 years ago

CBI Raids Several Locations in 2 Separate Bank Fraud Cases Worth Rs 1,000 Crore

News 18  

The Central Bureau of Investigation on Friday carried out searches at several locations in Hyderabad, Guntur and Tamil Nadu in connection with two separate cases of bank frauds involving amounts to the tune of Rs 7,926.01 crore and Rs 313.79 crore respectively, officials said. A CBI official said that the agency has registered a case against Hyderabad-based Transstroy Ltd, its …

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