Jammu: The Enforcement Directorate on Wednesday raided areas in Jammu and Kashmir, Punjab and Uttar Pradesh in a Rs 200 crore alleged financial institution mortgage fraud case linked to the Bharat Papers Ltd. (BPL), official sources mentioned.At the very least 9 premises in these areas are being searched by the central company underneath the provisions of the Prevention of Cash Laundering Act (PMLA).Included in September, 2006, the BPL is an affiliate of the Bharat Field Manufacturing facility Industries Restricted (BBFIL), a paper board packaging business primarily based in Jammu and Ludhiana.The first allegations in opposition to the corporate are that its administrators have perpetrated a financial institution mortgage fraud of about Rs 200 crore with a consortium of banks with lead financial institution because the State Financial institution of India.The opposite banks embody J&Okay Financial institution, PNB and Karur Vysya Financial institution.It’s alleged that the accused ”siphoned off” funds to sister considerations/bogus entities and undertook sale of imported/indigenous equipment with out permission of lender banks by elevating ”pretend” invoices.The administrators of the Bharat Papers Restricted are Rajinder Kumar, Parveen Kumar, Baljinder Singh, Anil Kumar, and Anil Kashyap.–(PTI)
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