SRINAGAR: The Enforcement Directorate (ED) Jammu Sub Zonal office has provisionally attached immovable properties worth Rs 66.77 crore in connection with a money laundering probe against Bharat Papers Limited, officials said on Friday, according to Daily Excelsior report.
The attached assets include the factory land and building of Bharat Papers Limited along with two residential houses belonging to the company’s directors and their relatives. The action was taken under the Prevention of Money Laundering Act (PMLA), 2002.
The case stems from a CBI FIR against the company and its directors — Anil Kumar, Parveen Kumar, Baljinder Kumar, and Rajinder Kumar, sons of late Jagdish Chander — for allegedly defrauding a consortium of banks led by State Bank of India to the tune of Rs 200 crore.
Investigations revealed that the accused diverted loan funds through shell entities and bank accounts outside the lending consortium, siphoned off money via direct cash withdrawals, and secretly sold machine parts from the company’s factory unit without informing the banks, the ED said.
Meanwhile, security agencies have expressed concern that proceeds from money laundering, hawala networks, and drug trafficking are often used to finance terrorism in Jammu and Kashmir.
The ED Statement further stated that investigation related to this is underway.
