CBI PCH books for Rs 205cr SBI loan fraud | Hyderabad News

Hyderabad: The Central Bureau of Investigation issued an FIR against PCH Marketing Private Limited, which operates chain stores of electronics, for defrauding the State Bank of India of Rs 205 crore. The CBI alleged that the Hyderabad-based PCH promoters were involved in the embezzlement of the loan amount.
Based on a complaint from SBI Deputy Director General BG Sudha Rathna, the CBI registered a case of criminal association and cheating under the articles of the IPC and Prevention of Corruption Act. CBI appointed PCH Chairman Huzur Singh, Managing Director Sutinder Singh and Director Komal Singh and officials.
A forensic audit report by auditors MM Reddy and Company found that the defendants had colluded and committed a forgery by manipulation, presentation of false financial statements, fabrication of fictitious transactions, embezzlement and embezzlement of funds. purposes other than those released by the bank.
The company overestimated statements of stock and book debt intentionally to the tune of Rs 155 crore. It also siphoned off Rs 91 crore and Rs 44 crore in 2014-15 and 2015-16 in the name of loan cancellation, the CBI alleged.
PCH’s account was classified as non-performing asset on March 31, 2014. The fraud took place at SBI’s commercial branch, Secunderabad, from where the accused had embezzled the funds.
Several properties of the offending company mortgaged by the bank are the subject of legal disputes. The CBI had previously issued FIRs against PCH.
The Enforcement Department also closed cases under the Money Laundering Prevention Act against PCH and its promoters on the basis of the CBI FIR.
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