A bank fraud case of Rs 200 crore has led to ED searches in many regions

A bank fraud case of Rs 200 crore has led to ED searches in many regions

A bank fraud case of Rs 200 crore has led to ED searches in many regions

The ED was looking for places in Punjab, Uttar Pradesh, Jammu and Kashmir, among other states.

The investigative agency is aggressively searching several locations in an effort to gather evidence linked to the scam.

In connection with the Rs 200 crore bank fraud case, the Enforcement Directorate (ED) was in charge of searches in many states.

The nine sites targeted by the searches were in the states of Punjab, Uttar Pradesh, and Jammu & Kashmir, among others.

M/s Bharat Papers Limited (BPL), a Ludhiana-based business with operations in Punjab and Jammu and Kashmir, is at the focus of the probe. Money laundering and other economic crimes are investigated by ED.

BPL, which was founded in September 2006, is a subsidiary of Bharat Box Factory Industries Limited (BBFIL), a well-known paper board packaging company with headquarters in Jammu and Ludhiana.

The principal accusation levied against the corporation is the purported orchestration of fraudulent bank loans by its executives, amounting to about Rs 200 crore. According to reports, this scam is being carried out by a group of banks headed by State Bank of India and including eminent financial institutions such as J&K Bank, PNB, and Karur Vysya Bank.

The accused directors are claimed to have participated in the misappropriation of the money via the diversion of the monies to shell firms or related businesses. Additionally, they are accused of issuing false invoices and selling machinery—both imported and domestic—without the required authorizations from the lending banks.

Anil Kumar, Parveen Kumar, Baljinder Singh, Rajinder Kumar, and Anil Kashyap are important figures of Bharat Papers Limited. These people play a crucial role in the current inquiry into possible financial irregularities connected to the business's activities.