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ACB registers case in Rs 1000 cr JKCHC, HUDCO loan default case

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Srinagar: A preliminary enquiry (PE) has been registered Rs 1000 crore JKCHC, HUDCO loan default case, Anti-Corruption bureau said in a statement Saturday.

It said the case was registered on the basis of a complaint received from the General Administration Department (GAD) J&K, Jammu to look into the allegations of J&K Cooperative Housing Corporation (JKCHC), which has defaulted in repayment of loan amount amounting to Rs 40.63 crore raised from HUDCO.

J&K government was the guarantor and 70 percent of the capital was owned by the government.

The complaint further revealed as on 26.07.2017, an amount of Rs 90 crores including interest was outstanding against the Corporation.  HUDCO had further blacklisted the government till liquidation of the outstanding loan and no further loan facilities were granted by HUDCO for execution of various projects in J&K.

The enquiry further revealed that JKCHC availed around 27 loan facilities from HUDCO from 1991 to 2001 for acquisition and development of lands for constructing housing colonies in J&K.

The prominent colonies are Kud Housing Colony, Davik Housing, Kalu Chak, Swarn Vihar, Tawi Vihar Housing Colony, Swarn Vihar, Peer Bagh Housing Colony, etc.

JKCHCL defaulted in payment in the loan, and as on November 31, 2020 an amount of Rs 10,06,06,80,678 (Rs 1006 crore approximately) is outstanding for repayment to HUDCO, ACB statement said.

It said the enquiry has also revealed that the Chairman, Managing Directors and other officials, who were at the helm affairs in JKCHC, had diverted and misappropriated the loan amounts to the tune of Rs 23.12 crores for various other purposes.

It indicated that the Management of JKCHC, in conspiracy with each other and other unknown officials, had deliberately defaulted in the repayment of the loans due to which the accounts became NPA and the outstanding amount created.

The enquiry has revealed that there has been illegal modification in the norms and by-laws of JKCHC and encroachment upon government land and community land for development of housing schemes which were later sold off for a profit.

Even the OTS amount arrived at with the intervention of the government was not repaid by the JKCHC.

Subsequently an FIR was registered on the basis of the omissions and commissions disclosed during enquiry on the part of the then Chairman, MD Brij Bhushan Sharma and other officials of the Management of the JKCHC and unknown officials of the Govt. u/s 5(1)(c), 5(1)(d) read with sections 5(2) of JK PC Act Svt 2006 and Ss. 409, 120-B RPC.

Searches were also conducted at the residential premises of the then MD Brij Bhushan Sharma of JKCHC, office premises of JKCHC and pffice premises of JK Housing & Tourism Society/Corporation being operated by Brij Bhushan Sharma. Incriminating documents and articles have been recovered in the searches conducted.

Further investigation of the case is going on, ACB said.

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