ACB files FIR in Rs 1,006 CR loan default case against JKCHC

Research carried out in various premises
Excelsior correspondent
JAMMU, March 6: The Anti-Corruption Bureau conducted a Preliminary Investigation (PE) on the basis of a complaint received from GAD J&K, Jammu to examine the allegations of J&K Cooperative Housing Corporation (JKCHC) which was registered in 1982 by the then registrar of the J&K cooperative societies for providing housing facilities to the public had defaulted on the loan amount of Rs 40.63 crore raised from HUDCO.
J&K Govt was the guarantor and 70% of the capital was owned by the government.
The complaint further revealed that as of July 26, 2017, an amount of Rs. 90 crore including interest was unpaid against the company. HUDCO had also blacklisted the government. until the liquidation of the current loan and no other loan facility has been granted by HUDCO for the execution of various projects to J&K.
The investigation further 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 at J&K. The main settlements are 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 31.11.2020 an amount of approximately Rs. 1006 crore is pending for repayment to HUDCO.
The investigation also revealed that the president, general managers and other officials who were in charge of the affairs of JKCHCL had embezzled and misappropriated the loan amounts to the tune of Rs. 23.12 crore for various other purposes. He said that the management of JKCHCL, in conspiracy with each other 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.
The investigation revealed that there had been illegal changes in the standards and laws of the JKCHCL and the encroachment on the government. community land and land for the development of housing projects which were then sold for profit.
Even the amount of OTS came with government intervention. was not reimbursed by the JKCHCL. Subsequently, an FIR was registered on the basis of the omissions and commissions revealed during the investigation carried out by the then President, Mr. D. Brij Bhushan Sharma and other officials of the JKCHCL leadership and the government officials unknown. 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.
Searches were carried out after obtaining court warrants at the residential premises of Brij Bhushan Sharma of JKCHCL, the offices of JKCHCL and the offices of JK Housing & Tourism Society / Corporation operated by Sharma. Incriminating documents and articles were found during the searches carried out.
Further investigation into the case is underway.