Chennai, Sept. 19 -- 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 againstBSFB, 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 t...