STATE TIMES NEWS
JAMMU: Jammu ED Office is conducting searches under PMLA at 09 premises spread over Jammu & Kashmir, Punjab and Uttar Pradesh in the Rs 200 Cr Bank fraud case of Bharat Papers Limited.
M/s. Bharat Papers Limited (BPL) incorporated in September, 2006 is an associate of Bharat Box Factory Industries Limited (BBFIL), a paper board packaging industry based in Jammu & Ludhiana.
The primary allegations against the company are that its directors have perpetrated bank loan fraud amounting to approx. Rs. 200 Cr with consortium of banks with lead bank as State Bank of India other banks being J & K, PNB and Karur Vysya Bank by siphoning of funds to sister conerns/ bogus entities and sale of imported/indigenous machinery without permission of lender banks by raising fake invoices. Directors of M/s Bharat Papers Limited are Rajinder Kumar, Parveen Kumar, Baljinder Singh, Anil Kumar, and Anil Kashyap. Further investigation is in progress.