Two businessmen arrested in Ludhiana SBI Rs 88 crore embezzlement case

 Two former directors of Bharat Box Factory Limited in Ludhiana district, Praveen Agarwal and Anil Kumar, 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 before a court in Jammu. The CBI has obtained a seven-day remand of the accused.

The arrested accused are accused of defrauding the Ludhiana branch of SBI Bank to the tune of Rs 87.88 crore in connivance with bank officials. 

On the basis of this case, the CBI The accused has been arrested. According to a CBI spokesperson, a case was registered against Bharat Papers Mill and its managing director, directors and others in 2020 on the complaint of the State Bank of Ludhiana branch.

The then directors of the company Anil Kumar and Praveen Agarwal have also been arrested in the same case. Bharat Paper Mill is said to be located in 400 kanals of land in Langate, Kathua.

The unit was shut down about 16 years ago due to the recession and its machinery has also been sold. However, the bank has taken possession of the land after the company became a defaulter several years ago. 

In 2006, the company had claimed to have invested around Rs 200 crore in the first phase and Rs 200 crore in the second phase, but within two years, the company locked the Kathua unit.