Jammu, Feb 2: The Enforcement Directorate , Jammu Sub-Zonal Office, stated that it has filed a chargesheet against Bharat Papers Limited and its Directors/associated persons-Anil Kumar, Parveen Kumar, Baljinder Kumar, Rajinder Kumar, and Anil Kashyap-for the offence of money laundering.
The ED initiated its PMLA investigation based on an FIR registered by the CBI, ACB, Jammu, concerning a bank loan fraud of approximately Rs 200 crore involving a consortium of banks led by the State Bank of India.
The ED investigation revealed that the accused persons, in criminal conspiracy, fraudulently availed bank loans and did not utilise the funds for the sanctioned purpose. Instead, between 2008 and 2013, the loan funds were diverted and siphoned off through a structured modus operandi.
During the investigation, it was found that the group operated and used bogus concerns/entities such as M/s DEE ESS Engineers, M/s Triveni Engineers, M/s Arrow Scafftech Pvt. Ltd., R S Industries, Arrow Enterprises, Suka Mouldings Pvt. Ltd., Kahlon Auto Industries, and Regent Fabrications, among others, to siphon and layer funds.
Further layering through paper entities/shell companies was also uncovered, wherein funds were routed into Indo Global Tecno-Trade Limited (non-functional) and thereafter into BPL as share capital/investments, thereby camouflaging the audit trail.
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