The Enforcement Directorate (ED) launched a massive operation on Wednesday, raiding nine locations across Jammu and Kashmir, Punjab, and Uttar Pradesh in connection with a Rs 200 crore alleged bank loan fraud case against Bharat Papers Ltd. (BPL).
BPL, established in September 2006, is affiliated with Bharat Box Factory Industries Limited (BBFIL), a major paper board packaging company with operations in Jammu and Ludhiana. The company and its directors are accused of defrauding a consortium of banks, led by State Bank of India (SBI), to the tune of Rs 200 crore. Other banks involved include J&K Bank, PNB, and Karur Vysya Bank.
