New Delhi, Feb 2 (UNI) The Enforcement Directorate (ED), Jammu Sub-Zonal Office, stated on Monday that it has filed a chargesheet against Bharat Papers Limited (BPL) and its Directors/associated persons—Anil Kumar, Parveen Kumar, Baljinder Kumar, Rajinder Kumar, and Anil Kashyap—for the offence of money laundering.
The chargesheet was filed before a Special Court (PMLA) in Jammu on January 30. 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. This included: (i) routing funds through bogus entities and cash withdrawals, (ii) opening and operating bank accounts outside the consortium banks and diverting receivables into them, (iii) large-scale cash withdrawals from loan, current, and cash credit accounts, (iv) routing funds through paper entities/shell companies, (v) stealthy removal and sale of machinery parts from factory premises, camouflaged through bogus invoices, and (vi) manipulation of books of accounts, including abnormal stock write-offs in the balance sheets for the financial years 2010-11 to 2012-13.
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.
Earlier, the ED conducted searches at multiple locations in Jammu & Kashmir, Punjab, and Uttar Pradesh in this case. Incriminating documents and digital evidence were recovered and seized during the searches. Additionally, cash amounting to more than Rs. 30 lakh and approximately 600 grams of gold were seized, relating to the generation and concealment of Proceeds of Crime. During the investigation, one of the Directors of M/s Bharat Papers Limited, Anil Kumar, was also arrested under the provisions of the PMLA.
The ED investigation further revealed that the Proceeds of Crime were diverted, layered, and utilised for the acquisition and creation of immovable properties. Accordingly, the ED provisionally attached immovable properties valued at Rs. 66.77 crore. These include, among others: (i) industrial land in District Kathua along with construction thereon, held in the name of M/s Bharat Papers Limited; and (ii) two residential properties in Model Town, Ludhiana, held in the names of Smt. Anju Aggarwal (wife of Anil Kumar Aggarwal), and Rajinder Kumar Aggarwal & Parveen Kumar Aggarwal.
It was also found that the Corporate Debtor, M/s Bharat Papers Limited, is undergoing proceedings under the Insolvency and Bankruptcy Code before the Hon’ble NCLT, Chandigarh Bench. The ED investigation revealed non-cooperation in the Corporate Insolvency Resolution Process (CIRP) by M/s BPL and its accused Directors, including the non-handing over of records, as reflected in proceedings before the Hon’ble NCLT, Chandigarh Bench. Further investigation into the matter is ongoing.
