Jammu, Jan 31: According to official sources, the Enforcement Directorate raided locations in Punjab, Uttar Pradesh, and Jammu & Kashmir on Wednesday in connection with an alleged bank loan fraud case worth Rs 200 crore that involves Bharat Papers Ltd. (BPL). In accordance with the Prevention of Money Laundering Act (PMLA), the central agency is searching at least nine locations in these regions. Founded in September 2006, BPL is a subsidiary of Bharat Box Factory Industries Limited (BBFIL), a Jammu and Ludhiana-based paper board packaging company.The main accusations made against the company are that its directors defrauded a consortium of banks, the State Bank of India being the lead bank, out of a bank loan totaling around Rs 200 crore. J&K Bank, PNB, and Karur Vysya Bank are among the other banks. It is claimed that by creating “fake” invoices, the accused “syphoned off” money to fictitious companies and sister concerns. They also allegedly sold imported and indigenous machinery without the lender banks’ consent. Rajinder Kumar, Parveen Kumar, Baljinder Singh, Anil Kumar, and Anil Kashyap are the directors of Bharat Papers Limited.
