ED Cracks Down on Bharat Papers Limited with Rs 66.77 Crore Property Attachment

The Directorate of Enforcement (ED) in Jammu has taken decisive action against Bharat Papers Limited, provisionally seizing properties valued at Rs 66.77 crore under the Prevention of Money Laundering Act. This move follows a detailed investigation into allegations of financial misconduct.

The assets in question include factory lands and buildings along with residential houses linked to the company's directors. The probe was sparked by an FIR from the CBI and ACB, initiating a cascade of scrutiny on Bharat Papers Limited and its leadership for defrauding a bank consortium of an alleged Rs 200 crore.

The investigative focus revealed that the loaned funds were not utilized for their intended purpose. Instead, they were funneled through fictitious entities and accounts outside the banks' purview, stripped away through cash withdrawals, and enriched by discretely selling factory equipment without bank knowledge.

(With inputs from agencies.)