HYDERABAD, September 19, 2026: The Central Bureau of Investigation (CBI) conducted coordinated searches at several premises in Hyderabad and Odisha on Saturday in connection with an alleged ₹48.48-crore bank fraud involving PCH Corporation Ltd and PCH Retail Ltd.
The case was registered by the CBI’s Banking Securities and Fraud Branch (BSFB), Bengaluru, based on a complaint filed by Punjab National Bank (PNB), Chennai. The bank has alleged that it suffered a wrongful loss of ₹48.48 crore.
According to the CBI’s allegations, the companies and their directors disposed of hypothecated stock without informing the lending banks. The agency further alleges that proceeds from the sale were not routed through the relevant loan accounts and were instead misappropriated.
The investigation involves allegations including criminal conspiracy, cheating, criminal breach of trust and criminal misappropriation. The allegations remain subject to investigation and legal proceedings.
The searches covered residential premises associated with directors of PCH Corporation Ltd and PCH Retail Ltd. During the operation, the CBI said it recovered and seized documents and digital evidence relevant to the investigation.
Investigators are examining the seized material to trace the alleged movement and diversion of funds and to determine the roles of the individuals and entities involved.
The CBI said further investigation is underway as the agency works to establish the full circumstances surrounding the alleged bank fraud.