Searches carried out at multiple locations in Hyderabad and Odisha; incriminating documents and digital evidence seized
New Delhi, September 19: The Central Bureau of Investigation (CBI) on Saturday conducted coordinated search operations at several locations in Hyderabad and Odisha in connection with a bank fraud case involving M/s PCH Corporation Ltd, M/s PCH Retail Ltd, their directors and certain unknown public servants.
The case was registered by the CBI, Bank Securities & Fraud Branch (BSFB), Bengaluru, on the basis of a complaint lodged by Punjab National Bank (PNB), Chennai.
According to the CBI, the case relates to alleged offences of criminal conspiracy, cheating and causing wrongful loss of ₹48.48 crore to PNB Bank.
Allegations of diversion and misappropriation of hypothecated stock
As per the allegations contained in the FIR, the accused allegedly disposed of the entire hypothecated stock of their business without informing the lending banks and without routing the sale proceeds through the concerned loan accounts.
The CBI has alleged that the proceeds from the disposal of the stocks were allegedly misappropriated, resulting in the alleged wrongful loss to the bank.
The investigating agency has invoked allegations relating to cheating, criminal breach of trust, criminal misappropriation and criminal conspiracy against the borrower company and its directors.
Searches conducted in Hyderabad, Odisha
The CBI said that searches were conducted at several locations in Hyderabad and Odisha on September 19.
The premises searched included the residential premises of the directors of M/s PCH Corporation Ltd and M/s PCH Retail Ltd, according to the agency.
During the searches, CBI officials recovered and seized incriminating documents and digital evidence, including records considered relevant to the ongoing investigation.
Evidence being examined
The seized material is now being scrutinised by investigators to establish the full scope of the alleged conspiracy, trace the alleged diversion and movement of funds, and determine the specific roles of the persons involved.
The CBI stated that further investigation in the case is in progress.
The allegations mentioned in the CBI case remain subject to investigation and judicial proceedings.(KNC)
