Chennai, September 19, 2026 (Yes Punjab News)
The Central Bureau of Investigation (CBI) on Saturday conducted coordinated searches in Hyderabad and Odisha in connection with an alleged Rs 48.48 crore Punjab National Bank (PNB) loan fraud involving two private companies, officials said.
The searches were carried out by the CBI’s Bank Security Fraud Branch, Bengaluru, at the residential premises of the directors of PCH Corporation Ltd and PCH Retail Ltd.
According to the probe agency, incriminating documents and digital evidence, including records relevant to the investigation, were recovered and seized during the day-long operations.
The seized material will be scrutinised to determine the full scope of the alleged criminal conspiracy, trace the diversion and movement of funds, and establish the specific roles of the individuals involved, the CBI said.
The agency said the case was registered against PCH Corporation Ltd, PCH Retail Ltd, their directors and unknown public servants following a complaint by PNB, Chennai.
The complaint alleges offences including criminal conspiracy and cheating, resulting in a wrongful loss of Rs 48.48 crore to the bank.
According to the FIR, the accused allegedly disposed of the entire hypothecated stock of their businesses without informing the lending banks and without routing the sale proceeds through their loan accounts. The CBI has alleged that the proceeds were subsequently misappropriated.
The probe agency said the borrower companies and their directors have been accused of cheating, criminal breach of trust, criminal misappropriation and criminal conspiracy.
Forensic experts will analyse the digital devices seized during the searches to establish the alleged money trail, modus operandi and proceeds of crime, the CBI said.
The investigation is continuing, and the agency said further searches may be conducted in other states depending on the findings from the seized material.
The allegations are part of the FIR and investigation and have not been established by a court.
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