February 18, 2024
ED Raids Across States in Rs 200 Crore Bank Loan Fraud Case
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ED Raids Across States in Rs 200 Crore Bank Loan Fraud Case

ED Raids Across States in Rs 200 Crore Bank Loan Fraud Case

ED Raids Across States in Rs 200 Crore Bank Loan Fraud Case

The Enforcement Directorate (ED) conducted raids in Jammu and Kashmir, Punjab, and Uttar Pradesh related to an alleged Rs 200 crore bank loan fraud case linked to Bharat Papers Ltd. (BPL). The central agency is searching at least nine premises under the Prevention of Money Laundering Act (PMLA). BPL, associated with Bharat Box Factory Industries Limited, is accused of bank loan fraud involving a consortium of banks, including State Bank of India, J&K Bank, PNB, and Karur Vysya Bank. The ED is investigating the alleged diversion of funds and unauthorized sale of machinery through fake invoices.

BPL Accused of Diverting Funds and Raising Fake Invoices

Bharat Papers Ltd. (BPL), incorporated in 2006, is facing accusations of perpetrating a bank loan fraud amounting to approximately Rs 200 crore. The company’s directors are alleged to have diverted funds to sister concerns and bogus entities while engaging in the unauthorized sale of machinery. The accused reportedly raised fake invoices and undertook fraudulent activities without the consent of lender banks, leading to a significant financial irregularity. The Enforcement Directorate is conducting searches to uncover evidence related to these allegations.

Key Figures in the Alleged Bank Loan Fraud Case

The directors implicated in the alleged bank loan fraud case involving Bharat Papers Ltd. are Rajinder Kumar, Parveen Kumar, Baljinder Singh, Anil Kumar, and Anil Kashyap. The Enforcement Directorate’s actions aim to unearth the details of the fraudulent activities, trace the flow of diverted funds, and hold the accused accountable under the provisions of the Prevention of Money Laundering Act.

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