BLS International Slumps on Visa Fraud Probe

BLS International's shares plummeted nearly 13% after reports of alleged visa fraud surfaced. According to Spanish media, the Indian visa services company is under investigation by Spain's National Court for its involvement in a suspected visa fraud network at the country's consulate in Algiers.

The investigation has expanded to scrutinize companies responsible for managing visa appointments and document processing, including BLS International, which holds a contract worth €175 million with the Spanish Foreign Ministry.

BLS International responded to the allegations, categorically rejecting any involvement in irregularities. The company stated that it carries out its administrative tasks according to prescribed requirements and that decisions on visa issuance or refusal rest solely with diplomatic and consular authorities.