CBI raids Hyderabad and Odisha in Rs 48.48 crore PNB loan fraud probe

The Central Bureau of Investigation (CBI) conducted coordinated searches in Hyderabad and Odisha on Saturday regarding an alleged Rs 48.48 crore loan fraud involving Punjab National Bank (PNB).

The operations, carried out by the CBI’s Bank Security Fraud Branch in Bengaluru, targeted the residential premises of directors from PCH Corporation Ltd and PCH Retail Ltd. Investigators seized incriminating documents and digital evidence to trace the movement of funds and determine the scope of the alleged criminal conspiracy.

The case was initiated following a complaint from PNB’s Chennai branch. The FIR alleges that the companies and their directors, along with unknown public servants, engaged in criminal conspiracy and cheating. The accused reportedly sold off entire stocks held as hypothecated security without informing the bank and diverted the sale proceeds for personal use instead of depositing them into their loan accounts.

Forensic experts will analyze seized digital devices to establish the modus operandi and the money trail. The CBI stated that further investigations and searches in other states may follow based on the evidence recovered.