Chennai: The CBI on Saturday collected incriminating documents and digital evidence during coordinated searches conducted in Hyderabad and Odisha in connection with a Rs 48.48 crore PNB loan fraud by two private companies, an official said.
During the operation by the Central Bureau of Investigation’s Bank Security Fraud Branch, Bengaluru, searches were conducted at the residential premises of the directors of PCH Corporation Ltd and PCH Retail Ltd, the official said in a statement.
The CBI said it recovered and seized incriminating documents and digital evidence, including records relevant to the investigation, during the day-long operations.
The seized material is being scrutinised 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, it said.
The CBI said the case was registered against PCH Corporation Ltd and PCH Retail Ltd, its directors, and unknown public servants, based on a complaint by PNB Bank, Chennai, alleging offences of criminal conspiracy, cheating, and causing a wrongful loss of Rs 48.48 crore to the bank.
The FIR alleges that the accused, with mala fide intention, disposed of the entire hypothecated stock of their business without informing the lending banks and without routing the sale proceeds through their loan accounts, thereby misappropriating them, the CBI said.
Thus, the borrower companies and their directors have committed the offences of cheating, criminal breach of trust, criminal misappropriation and criminal conspiracy, the CBI said.
The CBI said forensic experts would analyse the digital devices seized during the search operations to build the chain and establish the modus operandi of the loan fraudsters and the proceeds of crime.
The probe agency said further investigation is ongoing and, depending on the details of the seized evidence, investigators may conduct search operations in other states.
(IANS)
