Rs 200 Cr Bank Fraud case: ED Jammu conducts searches at 9 locations in J&K, UP & Punjab

STATE TIMES NEWS

JAMMU: Jammu Enforcement Directorate (ED) Office on Wednesday raided locations in Jammu and Kashmir, Punjab and Uttar Pradesh in the Rs 200 crore bank loan fraud case linked to the Bharat Papers Ltd. (BPL), official sources said.
Predicated on FIR of CBI Jammu RC0042020A0001 dated February 12, 2020 and under supervision of M Thangsuansang Zou, Deputy Director ED Jammu, at least nine premises in these regions are being searched by the central agency under the provisions of the Prevention of Money Laundering Act (PMLA).
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 stated 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.
The directors of the Bharat Papers Limited are Rajinder Kumar, Parveen Kumar, Baljinder Singh, Anil Kumar, and Anil Kashyap. Further investigation is in progress.