Excelsior Correspondent
Srinagar, Jan 2: The High Court has directed the Anti-Corruption Bureau (ACB) to complete the enquiry into the multi-crore scam in J&K Cooperative Agriculture & Rural Development Bank (J&K CARD) and submit the report of enquiry before the court by or before next date of hearing.
The ACB had received a communication about the embezzlement of money from the Vigilance department way back in the year 2015 to look into the complaint against the management of the bank with regard to misappropriation of crores of bank’s finances.
The investigation in respect of the case remained pending despite passage of over five years and the court has said this is shocking state of affairs by observing the investigation and inquiry should have been long over as such the delay speaks volumes about the functioning of the ACB.
The Anti-Corruption Bureau has submitted the report before the Division Bench pertaining to the advancement of loan and after verification it has come to fore that the General Manager of J&K CARD in league with the revenue officials of District Rajouri has advanced various loans to no existing persons on fake collateral land security to the tune of more than Rs 2 crores.
The report as submitted before the court also revealed that the delinquent official had advanced loan to his father amounting to Rs 25 lakhs and swindled subsidy of Rs 8.33 lakhs as unit financed by the bank was never established.
All loans granted under GoI Dairy Entrepreneur Development schemes wherein subsidy was given up to 25 to 33 percent related to the said scheme had been swindled by the delinquent General Manager of the bank and his close associates.
“A formal complaint was lodged with NABARD by the employees of J&K CARD Bank into this matter but unfortunately nothing has been done in this regard by the concerned bank and the bank diverted and invested the funds raised from poor peasantry into the share market on personal commission basis as a result financial loss worth crores of rupees was indicted to the bank”, ACB submitted.
ACB informed the court that in this regard enquiry is being conducted and further added that certain more record is required from the bank and also from the Revenue department besides other concerned quarters for completion of enquiry.
Government counsel submitted before the court that whatever record is required to be submitted by the Revenue department or any of the Government authority, the same shall be handed over to the Investigating Officer within a period of four weeks.
As far as record sought from the J&K CARD Bank is concerned, court has been informed that whatever record was asked for has already been given to the investigating officer. However, still if any further record is required the same shall be supplied within period of four weeks. “On receipt of the record, let the enquiry be completed and a report submitted to this court on or before the next date of hearing”, the DB directed.
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