GG News Bureau
New Delhi, 31st Jan. The Enforcement Directorate conducted raids on Wednesday in Jammu and Kashmir, Punjab, and Uttar Pradesh in connection with an alleged bank loan fraud case worth 200 crore rupees linked to Bharat Papers Ltd. (BPL), according to official sources.
The central agency is currently searching nine locations in these regions under the provisions of the Prevention of Money Laundering Act (PMLA).
BPL, which was established in September 2006, is associated with Bharat Box Factory Industries Limited (BBFIL), a paper board packaging industry based in Jammu and Ludhiana.
The main accusation against the company is that its directors have committed a bank loan fraud of approximately 200 crore rupees with a consortium of banks, led by the State Bank of India.
The other banks involved in the case are J&K Bank, PNB, and Karur Vysya Bank.
It is alleged that the accused individuals diverted funds to sister concerns and bogus entities, as well as sold imported and indigenous machinery without the permission of the lender banks by creating fake invoices.
The directors of Bharat Papers Limited are Rajinder Kumar, Parveen Kumar, Baljinder Singh, Anil Kumar, and Anil Kashyap.
