BLS International Shares Plunge 13% On Spanish Visa Probe Report

Shares of BLS International Services fell sharply in Monday's trade after a Spanish media report said the Spanish National Court had expanded its investigation into an alleged visa fraud case at the Spanish consulate in Algiers to include BLS International.

The stock fell as much as 12.73% to ₹236.85 on the BSE. The report suggested that the investigation now covers BLS, which is contracted by Spain's Ministry of Foreign Affairs to manage in-person appointments at consulates for visa applications and other consular services.

The report by The Objective said the judge overseeing the investigation had specifically referred to processing platforms such as BLS. It also reported that bribes in some cases reached €25,000 per family. The figure had previously been reported by police sources following arrests in April. Business Today could not independently verify the report.

Spanish Visa Investigation Expands

According to the report, the investigation concerns alleged irregularities linked to the processing of visa appointments at the Spanish consulate in Algiers.

The outsourcing of visa appointment scheduling in Spain began in 2011 with another Indian company, VFS Global, the report said. This means the relevant Ministry of Foreign Affairs contract has historically been handled by Indian companies.

BLS International provides administrative and front-end services for visa and consular applications, while decisions on whether to approve or reject visas remain with diplomatic and consular authorities.

The latest report nevertheless triggered selling pressure in BLS shares as investors assessed the potential implications of the investigation for the company.

BLS Denies Any Wrongdoing

BLS International rejected any involvement in the alleged irregularities referred to in the media reports.

"BLS International categorically rejects any involvement in the alleged irregularities referred to in media reports," the company said, adding that there was no evidence establishing wrongdoing by BLS International or its employees in relation to visa issuance.

The company said its role is strictly administrative and is carried out in accordance with requirements prescribed by the competent authorities.

BLS also emphasised that all decisions concerning the processing, issuance or refusal of visas rest solely with the relevant diplomatic and consular authorities.

The company said it remains committed to integrity, transparency, compliance and service delivery.

BLS International's Global Operations

Established in 2005, BLS International is a technology-enabled provider of visa, passport, consular and citizen services.

The company works with governments and diplomatic missions to provide outsourced application processing, biometric enrolment, document handling and other front-end services. The final decision on visa applications remains with the respective government authorities.

BLS currently serves more than 46 client governments globally and has processed more than 36 crore applications, according to the company.

The Spanish investigation report therefore comes at a time when BLS's business model remains closely linked to contracts with governments and diplomatic missions, making regulatory and compliance developments an important consideration for investors.