Hyderabad, Odisha, September 19 (Daily Kiran) : The Central Bureau of Investigation (CBI) has taken significant action in connection with a ₹48.48 crore bank fraud case involving Punjab National Bank (PNB). On Saturday, the agency conducted coordinated raids at multiple locations in Hyderabad and Odisha. This operation was part of an investigation initiated by the CBI’s Bank Securities and Fraud Branch (BSFB) based in Bengaluru.
The case was registered against M/S PCH Corporation Limited, M/S PCH Retail Limited, their directors, and unidentified public servants following a complaint from PNB in Chennai. The complaint alleges that the accused engaged in a criminal conspiracy and fraud, resulting in a loss of ₹48.48 crore to the bank.
According to the First Information Report (FIR), the accused allegedly sold the entire stock pledged to the bank without informing it, driven by malintent. They are accused of misappropriating the funds from these sales instead of depositing them into loan accounts. The CBI claims that the company and its directors committed crimes including fraud, criminal breach of trust, misappropriation, and conspiracy.
During the raids on Saturday, the CBI targeted various locations in Hyderabad and Odisha, including the residences of the directors of PCH Corporation Limited and PCH Retail Limited. The agency seized several incriminating documents and digital evidence, which are crucial for the ongoing investigation.
The CBI stated that they are currently examining the seized materials to uncover the details of the alleged criminal conspiracy, trace the diversion of funds, and determine the roles of all individuals involved. The investigation is expected to continue as the agency delves deeper into this complex case.
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