Major Crackdown: UCO Bank Official Pinaki Choudhury Arrested in Rs 16.48 Crore Fraud in Tripura

In a significant development concerning a high-profile financial scandal, the Crime Branch of Tripura Police has arrested a former Assistant Manager of UCO Bank in connection with an alleged fraud amounting to a staggering Rs 16.48 crore. The arrest underscores the intensifying crackdown on financial irregularities plaguing the state's banking sector.

The accused, identified as Pinaki Choudhury, previously served as an Assistant Manager at UCO Bank’s Agartala branch.

He was apprehended on Tuesday following extensive investigations into his alleged involvement in the multi-crore fraud scheme. This latest arrest is a crucial step in unraveling the intricate web of financial misconduct that has rocked the public sector bank.

Choudhury's arrest comes weeks after Rakesh Sharma, a former Senior Manager of the same UCO Bank branch, was also taken into custody by the Crime Branch for his suspected role in the same massive fraud.

The ongoing probe suggests a widespread conspiracy involving multiple individuals and complex financial manipulations.

Preliminary investigations indicate that Choudhury, during his tenure, allegedly misused his power and position to clear numerous questionable loan applications. These actions are suspected to have facilitated the siphoning off of substantial public funds through fraudulent means, including potentially the use of fake documents and beneficiaries.

The police are meticulously scrutinizing transaction records and internal bank documents to piece together the full scope of the operation.

Authorities have confirmed that the investigation is far from over. The Crime Branch is actively pursuing leads and anticipates further arrests, including other bank officials and private individuals believed to be complicit in this elaborate financial deception.

The case highlights the critical need for stringent oversight and robust internal controls within financial institutions to prevent such large-scale frauds.