Excelsior Correspondent
JAMMU, Jan 31: The Enforcement Directorate (ED) today conducted simultaneous raids in Jammu and Kashmir and two States in a Rs 200 crore alleged bank loan fraud case linked to the Bharat Papers Ltd. (BPL).
Besides Jammu and Kashmir, the raids were also conducted in Punjab and Uttar Pradesh.
The Directors of the Bharat Papers Limited are Rajinder Kumar, Parveen Kumar, Baljinder Singh, Anil Kumar and Anil Kashyap, most of them hailing from Ludhiana.
At least nine premises of the Directors and others in Jammu and Kashmir, Punjab and Uttar Pradesh were searched by the Central agency under the provisions of the Prevention of Money Laundering Act (PMLA).
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Raids were conducted under the supervision of MT Zou, Deputy Director, Enforcement Directorate, Jammu.
A case in the bank fraud has also been registered by the Central Bureau of Investigations (CBI) dated 12.2.2020.
Incorporated in September, 2006, the BPL is an associate of the Bharat Box Factory Industries Limited (BBFIL), a paper board packaging industry based in Jammu and Ludhiana.
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 lead bank as 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 sale of imported/indigenous machinery without permission of lender banks by raising “fake” invoices.
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