Excelsior Correspondent
JAMMU, Apr 11: Jammu and Kashmir Anti Corruption Bureau has registered a case against Brij Bhushan Sharma, then MD, J&K Cooperative Housing Corporation Ltd and others for alleged financial irregularities.
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A case FIR No. 02/2025, under section 5(1)(d) read with Section 5(2) of J&K Prevention of Corruption Act, Samvat 2006 and 120-B, RPC has been registered at Police Station ACB Jammu against Brij Bhushan Sharma, then MD, J&K Cooperative Housing Corporation Ltd, Sewa Ram, then I/C Accounts Section J&K Cooperative Housing Corporation Ltd, Bharat Bhushan, then MD, J&K Cooperative Housing Corporation Ltd and others.
The concerned officers/officials in league with beneficiary facilitated the drawl of housing loan without following specified procedure 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 has been caused to Government exchequer.
The instant case was registered on the basis of a verification conducted by ACB that revealed that the then MD of the 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 and without any further mortgage.
As per Board of Directors decision dated 01.03.2006 for extending pension benefit to Brij Bhushan Sharma, 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. However, only Rs. 1.50 lakhs was deposited by him during the year 2022-23. Further, no effective steps were taken by present Managing Director of Corporation to recover the balance amount from his monthly pension dues.
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 in the year 2006, did not take any effective steps/legal action to recover the amount drawn by Brij Bhushan, thereby shown criminal silence on his part.
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