The Jammu and Kashmir Anti Corruption Bureau has registered a case against the then Managing Directora (MD) of J&K Cooperative Housing Corporation Ltd and others for financial irregularities.
The official spokesman here on Friday said that the former MD, Brij Bhushan Sharma along with Sewa Ram, then In-charge Accounts Section J&K Cooperative Housing Corporation Ltd and Bharat Bhushan, then MD, J&K Cooperative Housing Corporation Ltd and others.
The instant case was registered on the basis of a verification conducted by the ACB that revealed that the then MD of J&K Housing Corporation namely Brij Bhushan Sharma, who was superannuated from services on 30.06.2006, obtained total loan of Rs. 23 lakhs from J&K Cooperative Housing Corporation, without following specified procedure, approval and without any further mortgage and any supplementary deeds thereby abused their official positions.
Verification further revealed that as per Board of Directors decision dated 01.03.2006 for extending pension benefit to said Brij Bhushan Sharma Ex. MD, it was decided that Rs. 15 lakhs will be deposited with the post office as pension fund out of which 50 percent contribution will be made by J&K Cooperative Housing Corporation and 50 percent contribution by him.
The 50 percent share (i.e., Rs. 7.50 lakhs) to be paid by him was to be released in his favour by the Corporation which was to be refunded by him from his retirement dues.
Only Rs. 1.50 lakhs stands recovered/deposited by him during the year 2022-23 and apart from, no effective steps have been taken by present Managing Director of Corporation to recover the balance amount from his monthly pension dues, he said.
As per housing loan of Rs 23 lakhs drawn from time to time and repayment made by Brij Bhushan Sharma, Ex. MD, an amount of Rs 36,40,375.50 alongwith interest as on 31.03.2023 is still outstanding against him, he added. Further, he said that regarding the Advance of Rs 7.50 lakhs drawn by him against pension scheme, an amount of Rs 18,99,266 alongwith interest as on 31.03.2023 is still outstanding against him.
The probe conducted further revealed that Bharat Bhushan, present Managing Director of J&K Cooperative Housing Corporation Ltd. who took charge after retirement of Brij Bhushan, Ex. Managing Director in the year 2006 did not take any effective steps or legal action to recover the amount drawn by Brij Bhushan, thereby shown criminal silence on his part.
The concerned officers in league with beneficiary facilitated the drawl of housing loan without following specified procedure as well as maintained criminal silence by violating corporation rules and did not take necessary steps as envisaged to recover the long pending dues including housing loan and pension advance from the defaulter, as a result of which a loss to the tune of Rs. 55,39,641.50 (including interest) has been caused to Government exchequer.
Further investigation of the instant case is going on.
