ED Raids Several Locations in Jammu and Kashmir, Punjab, UP
SRINAGAR: The Enforcement Directorate on Wednesday raided several locations in Jammu and Kashmir, Punjab, and Uttar Pradesh in a Rs 200 crore alleged bank loan fraud case, media reports said.
At least nine locations are being searched under the provisions of the Prevention of Money Laundering Act (PMLA) in the case linked to the Bharat Papers Ltd (BPL).
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BPL is an affiliate of Bharat Box Factory Industries Limited (BBFIL), a paper board packaging industry with operations in Jammu and Ludhiana.
The main accusations against the company involve allegations that its directors have committed a bank loan fraud of approximately Rs 200 crore with a consortium of banks, led by the State Bank of India. The other banks include JK Bank, PNB, and Karur Vysya Bank.