CBI arrests 2 from Kathua in ₹87.88 crores loan fraud case

The duo was identified as Anil Kumar and Praveen Kumar, both then directors of Bharat Papers Limited in Kathua.

The Central Bureau of Investigation (CBI) on Wednesday arrested two individuals from Kathua in a ₹87.88 crore loan fraud case, officials said.

Representational image.

The duo was identified as Anil Kumar and Praveen Kumar, both then directors of Bharat Papers Limited in Kathua.

The loan amount has now swollen to ₹121.13 crores due to its non-payment.

A case was registered in 2020 against Bharat Papers Limited and others including its MD and directors on the complaint of SBI, SAM Branch in Ludhiana.

It was alleged that the accused, in conspiracy with unknown officials of SBI, had cheated the bank to the tune of ₹87.88 crore. The loan was sanctioned in 2006.