ACB files FIR in case of Rs 1000 Crore loan default

(MENAFN– Kashmir Observer)
Investigation reveals funds have been embezzled, state lands encroached; Illegally sold

Srinagar: The Anti-Corruption Bureau (ACB) filed a complaint on Saturday in a multi-million dollar default in which large amounts of funds were embezzled and state land encroached and illegally sold.

Based on a complaint received from the government’s General Administration Department (GAD) to investigate allegations of loan default of Rs. 40.63 crore raised from HUDCO by J&K Cooperative Housing Corporation (JKCHC) of which the J&K government was the guarantor and held 70% of the capital, a preliminary investigation was recorded by the anti-graft agency, a spokesperson for the ACB said. On Saturday.

The GAD complaint, he said, further revealed that as of July 26, 2017, an amount of Rs. 90 crore, including interest, was unpaid against the company.

“HUDCO had further blacklisted the government until the current loan was liquidated and no further loan facilities were granted by HUDCO for the execution of various projects at J&K,” the door said. – speech of the ACB.

He further stated that investigations revealed that JKCHC had benefited from approximately 27 loan facilities from HUDCO from 1991 to 2001 for the acquisition and development of land for the construction of residential settlements in J&K.

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Important settlements included Kud Housing Colony, Davik Housing, Kalu Chak, Swarn Vihar, Tawi Vihar Housing Colony, Swarn Vihar, Peer Bagh Housing Colony, etc.

‘JKCHCL has defaulted on the loan and as of 11.31.2020 an amount of Rs. 10,06,06,80,678 / – (Rs 1,006 crore approximately) is unpaid for repayment to HUDCO, “said the spokesperson for the office.

Investigations by ACB, he said, also revealed that the president, CEOs and other officials who ran JKCHCL’s affairs had embezzled and embezzled loan amounts to the tune of 23.12 crore rupees for various other purposes.

“This indicated that the management of JKCHCL, in conspiracy between them and other unknown officials, had deliberately defaulted on the repayment of the loans due to which the accounts became NPA and the unpaid amount created,” he said. .

“The investigation revealed that there had been an illegal modification of JKCHCL’s standards and exemption laws and encroachment on the government. land and community lands for the development of housing projects which were then sold for a profit. Even the OTS amount happened with government intervention. was not reimbursed by the JKCHCL, ”he added.

Following the startling revelations during the investigation, ACB spokespersons said an FIR had been registered against then-president MD Brij Bhushan Sharma and other officials of the leadership of the the JKCHCL and unknown government officials. u / s 5 (1) (c), 5 (1) (d) read with articles 5 (2) of JK PC ​​Act Svt 2006 and Ss. 409, 120-B RPC.

He furthermore, after obtaining warrants from the court, searches were carried out at the residence and office of former MD JKCHCL.

“The incriminated documents and articles were found during the searches carried out. A further investigation into the case is underway, ”added the ACB spokesperson.

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Robert P. Matthews