SRINAGAR: The Enforcement Directorate on Wednesday raided a number of areas in Jammu and Kashmir, Punjab, and Uttar Pradesh in a Rs 200 crore alleged financial institution mortgage fraud case, media reviews stated.
A minimum of 9 areas are being searched below the provisions of the Prevention of Cash Laundering Act (PMLA) within the case linked to the Bharat Papers Ltd (BPL).
BPL is an affiliate of Bharat Field Manufacturing unit Industries Restricted (BBFIL), a paper board packaging business with operations in Jammu and Ludhiana.
The principle accusations in opposition to the corporate contain allegations that its administrators have dedicated a financial institution mortgage fraud of roughly Rs 200 crore with a consortium of banks, led by the State Financial institution of India. The opposite banks embrace JK Financial institution, PNB, and Karur Vysya Financial institution.
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