New Delhi: The Enforcement Directorate (ED) raided locations in Jammu and Kashmir, Punjab, Uttar Pradesh in a Rs 200 crore alleged bank loan fraud case linked to Bharat Papers Ltd. (BPL).
The Central Agency has been searching around nine premises in these regions under the provisions of the Prevention of Money Laundering Act (PMLA).
The BPL is a paper board packaging industry, which was incorporated in September 2006, and is an associate of the Bharat Box Factory Industries Limited (BBFIL) located in Jammu and Ludhiana.
Meanwhile, the primary allegations against the company are that its directors have perpetrated a bank loan fraud of about Rs 200 crore with a consortium of banks with a lead bank the State Bank of India. The other banks include J&K Bank, PNB, and Karur Vysya Bank.
It is alleged that the accused "siphoned off" funds to sister concerns/bogus entities and undertook the sale of imported/indigenous machinery without permission of lender banks by raising "fake" invoices.
The directors of Bharat Papers Limited are Rajinder Kumar, Parveen Kumar, Baljinder Singh, Anil Kumar, and Anil Kashyap. (With Agency Inputs)
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