Ludhiana: The Enforcement Directorate (ED) carried out raids on Wednesday at Bharat Box Factory, which belongs to Bharat Paper Limited, in relation to a bank scam involving the State Bank of India (SBI) amounting to ₹200 crore. The ED team conducted searches at nine locations, including paper mills in Punjab, Jammu & Kashmir and Uttar Pradesh.
At around 7 AM, the ED team arrived at Bharat Box Factory. Asked the workers to leave while they started their investigation. The company is facing allegations of activities ₹200 crore supposedly done in collaboration with officials from SBI’s Ludhiana branch. Simultaneous raids were conducted at places to gather evidence.
The accusations against the company imply that it colluded with officials from SBI’s Ludhiana branch to obtain a loan of ₹200 crore. Currently, no official statement has been released by the ED regarding this matter as the investigation is still ongoing.
Bharat Box Factory, located on Bhamiya Road in Kathua, Jammu, was established 18 years ago. Has been contributing to the paper and packaging industry. The former directors of the company, Praveen Agrawal and Anil Kumar, were previously arrested by the Central Bureau of Investigation (CBI) on charges of bank embezzlement related to SBI.
The case is centred around Agrawal and Kumar, who are accused of obtaining a loan of ₹88 crore from SBI Ludhiana and then getting involved in activities. The investigation by the CBI was initiated after the bank filed a complaint.
This incident adds to the concerns over financial irregularities and scams, with authorities intensifying efforts to uncover such instances and hold those responsible accountable. Further details on the ongoing ED investigation and the involvement of key individuals are anticipated as the probe progresses.
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