The Enforcement Directorate on Wednesday raided locations in Jammu and Kashmir, Punjab and Uttar Pradesh in a Rs 200 crore alleged bank loan fraud case linked to the Bharat Papers Ltd. (BPL), official sources said.
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 alleged 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.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
Featured Video Of The Day
Accused In Protest At Allu Arjun's Home Linked To Revanth Reddy, Alleges Opposition
CA Among 3 Arrested For Fraudulent Take Over Of Insolvent Company Probe Agencies Work Independently, It's For Courts To Judge Their Actions: PM Modi Probe Agency Wants CBI Investigation In Attack On Officers In Bengal Bengaluru Techie Loses Rs 11.8 Crore After "Digital Arrest" Kolkata Man Gets Divorce As "Imposition Of Wife's Friend" Is Deemed Cruelty Allu Arjun Summoned By Hyderabad Police For Questioning In Stampede Case Pakistan May Get 40 5th-Gen Stealth Fighter Jets From China Within 2 Years Adani Defence & Aerospace Acquires Air Works For Rs 400 Crore Policy Revised: Paramilitary Force CISF On Hoax Bomb Threats To Airlines Track Latest News Live on NDTV.com and get news updates from India and around the world.