In Rs 1,000-cr loan default case Anti-corruption bureau (ACB) has registered a case against the top officials of Jammu and Kashmir Cooperative Housing Corporation (JKCHC), with its former managing director.
Anti-corruption bureau (ACB) has conducted Searches after obtaining warrants from the court at the residential premises of JKCHCL chairman and MD Brij Bhushan Sharma, office premises of JKCHCL and of JK Housing and Tourism Society and Corporation being operated by Sharma.
A preliminary enquiry was registered on the basis of a complaint received from the general administrative department to look into the allegations of JKCHCL, which was registered in the year 1982 by the then registrar of Jammu and Kashmir cooperative societies to provide housing facilities to the public.
As per the complaint in 2017, Rs 90 crore was outstanding against the corporation. HUDCO had blacklisted the government till liquidation of the outstanding loan and no further loan facilities were granted for execution of various projects in Jammu and Kashmir.
JKCHCL defaulted in payment in the loan and as of 2020, approximately Rs 1,006 crore was outstanding for repayment to HUDCO.
Officials said, It was found that there has been an illegal modification in the norms and bye-laws of JKCHCL and encroachment upon government and community land for the development of housing schemes which were later sold off for a profit.