The Enforcement Directorate (ED) conducted a raid on a company in Ludhiana today. It is reported that the ED raided Bharat Box Factory on Bhamian Road in Ludhiana at 7:30 AM, seizing records and documents for investigation. The company directors are allegedly involved in a major scam, prompting the ED to conduct searches at the company. It is revealed that the company, Bharat Papers Limited, is accused of defrauding banks of Rs 200 crore. The ED has conducted raids in several states, including Jammu and Kashmir, Punjab, and Uttar Pradesh. The factory has been sealed, and two former directors of the company, Praveen Agrawal and Anil Kumar, were already arrested by the CBI in connection with a bank fraud case. The Enforcement Directorate’s team conducted searches on Wednesday related to the alleged bank loan fraud of Rs 200 crore linked to Bharat Papers Limited (BPL) in Jammu and Kashmir, Punjab, and Uttar Pradesh. Information suggests that the agency’s teams are conducting searches in at least 9 premises in these areas under the provisions of the Prevention of Money Laundering Act (PMLA). Established in September 2006, BPL is associated with Bharat Box Factory Industries Limited (BBFIL), which is a paper packaging industry located in Jammu and Ludhiana. It is noted that the primary allegation against the company is that its directors orchestrated a bank loan fraud of approximately Rs 200 crore with a consortium of leading banks, including the State Bank of India.
