ACB registers case against former MD J&K Cooperative Housing Corporation Ltd, others

Jammu : Anti-Corruption Bureau (ACB) on Friday said to have registered a case against the then MD, J&K Cooperative Housing Corporation Ltd and others for financial irregularities.
A spokesman in a statement issued here on Friday said that Jammu and Kashmir Anti Corruption Bureau registered a case FIR No. 02/2025 u/s 5(1)(d) r/w Section 5(2) of J&K Prevention of Corruption Act, Samvat 2006 and 120-B, RPC 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. & others.
“The instant case was registered on the basis of a verification. The verification conducted by this Bureau 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/any supplementary deeds thereby abused their official positions,” reads the statement.
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% contribution will be made by J&K Cooperative Housing Corporation and 50% contribution by him, it reads.
“The 50% 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. Apart from, no effective steps have been taken by present Managing Director of Corporation to recover the balance amount from his monthly pension dues.”
“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. Further, 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 statement added.
“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/legal action to recover the amount drawn by Brij Bhushan, thereby shown criminal silence on his part. The concerned officers/officials 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,” it said, adding that further investigation of the instant case is going on