Stock Of BLS International Plunges 9% After Reports Of Alleged Role In Schengen Visa Fraud
The stock of BLS International Services on Monday plunged up to 9% during the early trade after media reports suggested that the company is under scanner of Spain’s National Court for an alleged visa fraud operation at the Spanish Consulate in Algiers. The stock of the company opened marginally lower at Rs 271.20 apiece on Monday but soon declined to as low as Rs 246.95, which was over 9% lower…
BLS International Services' shares dropped by 9% following reports of alleged involvement in Schengen visa fraud at the Spanish Consulate in Algiers. The company, which manages visa appointments and document processing, opened at Rs 271.20 per share on Monday but quickly fell to Rs 246.95, a decline of over 9% from its previous closing price of Rs 271.40.
Spain's National Court launched the investigation after the arrests of the consulate's chancellor, Vicente Moreno, and a local employee, Mohamed Boutouchent, in April last year. The probe is focused on allegations that a network facilitated the acquisition of Schengen visas, residence permits, and self-employment work permits from applicants who did not meet the necessary criteria.
The alleged scheme allegedly involved charging applicants substantial sums, with some families paying up to €25,000, for altered, incomplete, or fraudulent documents. Victims reportedly paid bribes to secure appointments, with the amount reaching €25,000 in some instances. The National Court's Judge María Tardón oversees the investigation, which also examines the potential involvement of administrative service providers like BLS.
The investigation seeks to determine whether BLS played a role in the alleged scheme and whether the company facilitated money laundering.
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