States » SouthPosted at: Sep 19 2026 8:43PM


CBI raids in Rs 48.48 crore Chennai PNB bank fraud case at Hyd, Odisha on Bengaluru firms

Chennai, Sep 19 (UNI) The Central Bureau of Investigation (CBI) on Saturday conducted coordinated search operations at Hyderabad and Odisha in connection with Rs 48.48 crore PNB Chennaii bank fraud case registered against
BSFB, Bengaluru.
The case was registered against M/s PCH Corporation Ltd and M/S PCH Retail Ltd, its Directors and unknown public servants based on the complaint of PNB Bank, Chennai alleging offences of criminal conspiracy, cheating and causing a wrongful loss of Rs 48.48 crore to the PNB bank.
It was alleged in the FIR that the accused with malafide intention disposed off the entire hypothecated stocks of their business without informing the lender banks and also without routing the sale proceeds of such stocks through their loan accounts and thereby misappropriated them. Thus, the borrower cCompany and its Directors have committed the offences of cheating, criminal breach of trust, criminal misappropriation and criminal conspiracy.
Today, searches were conducted at several locations in Hyderabad and Odisha. The premises covered include residential premises of the Directors of M/s PCH Corporation Ltd and M/s PCH Retail Ltd.
During the searches, incriminating documents and digital evidence, including records relevant to the investigation, were recovered and seized. The seized material is being scrutinized to ascertain the full scope of the criminal conspiracy, trace the diversion and movement of funds, and determine the specific roles of all persons involved.
Further investigation is in progress.
UNI GV 2040
Tags: #CBI raids in Rs 48.48 crore Chennai PNB bank fraud case at Hyd# Odisha on Bengaluru firms
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