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New Delhi, Nov 9 The Central Bureau of Investigation on Wednesday said it has arrested two individuals Anil Kumar and Praveen Kumar, both then directors of Bharat Papers Ltd based in Jammu and Kashmir's Kathua in connection with an on-going investigation into a loan fraud case of Rs 87.88 crore.An official said a case was registered in 2020 against Bharat Papers Ltd and others including its MD, Directors on the complaint from SBI, SAM Branch, Ludhiana.It was alleged that the accused in conspiracy with unknown officials of SBI, had cheated the bank to the tune of Rs 87.88 Crore (total amount with interest of around Rs 121.13 crore) during the period between 2006 and 2019 by illegally removing machinery and other parts without getting prior permission or without informing the lender banks.The proceeds of such machines, motors etc., had not been deposited in the account.The accused also illegally sold machinery parts as scrap and arranged fake invoices to cover up the sale.Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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