Ludhiana23 minutes ago
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Praveen Aggarwal and Anil Kumar, two former directors of Bharat Box Factory Limited Company of district Ludhiana, Punjab, have been arrested by the CBI from Kathua in Jammu. The CBI has arrested the accused in the bank embezzlement case. Both the accused were produced in the court in Jammu. CBI has got 7 days remand of the accused.
The arrested accused are alleged to have defrauded the Ludhiana branch of SBI Bank with the connivance of bank officials to the tune of Rs 87.88 crore. Based on this case, the CBI has arrested the accused.
According to a CBI spokesperson, a case was registered against Bharat Papers Mill and its Managing Director, Directors and others in the year 2020 on the complaint of State Bank of Ludhiana branch. The then directors of the company Anil Kumar and Praveen Agarwal have been arrested in the same case. Bharat Paper Mill is said to be situated on 400 kanals of land in Langate, Kathua.
Unit closed due to recession
This unit was closed about 16 years ago due to recession and its machinery has also been sold. However, the bank has taken over this land after the default of the company many years back. In the year 2006, the company had claimed to invest about 200 crores in the first phase and again 200 crores in the second phase, but within two years the company locked the Kathua unit.
fraud with the connivance of officials
To run this project, a loan was taken from the State Bank branch in Ludhiana. The company also has a unit in the industrial area of Samba. The bank alleges that the fraud was committed in connivance with unknown officials of SBI. It is being told that a loan of Rs 87.88 crore has been made with interest of about Rs 121.13 crore.