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 than the previous close of Rs 271.40 apiece.

The selloff in the stock was triggered after reports that Spain’s National Court has expanded an investigation into an alleged visa fraud operation at the Spanish Consulate in Algiers. BLS was responsible for visa appointment scheduling and document processing.

The probe began following the arrests of Vicente Moreno, the consulate’s chancellor and second-in-command, and local employee Mohamed Boutouchent in Spain last April.

Investigators are examining allegations that a network helped applicants obtain Schengen visas, residence permits and self-employment work permits despite failing to meet the required conditions.

According to judicial sources cited by Spanish outlet The Objective, the alleged operation was brought to authorities’ attention through communications from the Spanish Embassy in Algeria.

Applicants were reportedly charged substantial sums to have applications processed with altered, incomplete or fraudulent documents. In some cases, families allegedly paid as much as €25,000.

Judge María Tardón of the National Court’s Central Court of Instruction Number 3 is overseeing the investigation.

Investigators Examine BLS Role and Alleged Money Laundering

The court is examining the possible involvement of administrative service providers, including platforms handling appointments and visa documentation.

Investigators have specifically referred to processing platforms such as BLS, while the precise role and responsibility of the company remain part of the probe.

The investigation also involves allegations that people who paid bribes received preferential access while applicants meeting legitimate requirements were allegedly denied appointments.