Brief by Shorts91 Newsdesk / 11:44am on 07 Mar 2024,Thursday India
The Central Bureau of Investigation (CBI) conducted raids across seven cities in Rajasthan and Maharashtra regarding a Rs 820 crore payments scam in UCO Bank. Last year, over 8,53,049 IMPS transactions led to wrongful crediting of funds to 41,000 UCO Bank accounts. Searches focused on individuals who received and withdrew the money instead of returning it to the bank. This is the second round of searches following earlier operations in Kolkata and Mangalore. UCO Bank has recovered 86% of the total amount mistakenly credited. The case was registered in November 2023 based on a UCO Bank complaint.
