Jammu, March 06: ACB registers FIR at Rs 1000 crore Jammu and Kashmir Cooperative Housing Corporation, HUDCO Loan Default: Large Loan Diverted, Assaulted and Illegally Sold State Land, Searches Conducted.
Based on a complaint made by GAD J&K, Jammu, a Preliminary Investigation (PE) was registered to investigate allegations made by the J&K Cooperative Housing Corporation (JKCHC), which was registered in 1982 by the then registrar of the J&K Cooperative Societies providing housing facilities for the public had defaulted on repaying the loan amount of Rs. 40.63 crore raised by HUDCO. J&K Govt. was the guarantor and 70% of the capital was owned by the government.
According to Cross Town News, on 07/26/2017 the complaint resulted in an amount of Rs. 90 crores including interest outstanding against the company. HUDCO continued to blacklist the government. pending liquidation of the outstanding loan and no further loan facilities have been granted by HUDCO to carry out various projects in J&K.
The investigation also found that JKCHC used approximately 27 credit facilities from HUDCO wef from 1991 to 2001 to purchase and develop land for housing developments 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 has defaulted on the loan and as of 11/31/2020 has an amount of Rs. 10.06.06, 80,678 / – (Rs 1006 crore) outstanding to be repaid to HUDCO.
The investigation also revealed that the chairman, executive directors and other officials who were at the forefront of JKCHCL affairs had diverted and embezzled the Rs loan amounts. 23.12 crores for various other purposes.
It indicated that the management of JKCHCL was in a conspiracy among themselves and with other unknown officials to purposely default on the repayment of the loans that made the accounts NPA and the outstanding amount.
The investigation has revealed that the JKCHCL’s norms and bye laws have been illegally changed and the government has been encroached upon. Land and common land for the development of residential projects that were later sold for a profit. Even the OTS amount came about through government intervention. was not repaid by JKCHCL.
An FIR was then registered based on the failures and commissions revealed during the investigation of the then chairman, MD Brij Bhushan Sharma, and other senior executives of JKCHCL and unknown government officials. u / s 5 (1) (c), 5 (1) (d) read with Section 5 (2) of the JK PC Act Svt 2006 and Ss. 409, 120-B-RPC.
Searches were conducted upon receipt of search warrants from the Hon’ble Court in the residential buildings of what was then MD Brij Bhushan Sharma by JKCHCL, in the offices of JKCHCL and in the offices of JK Housing & Tourism Society / Corporation operated by Brij Bhushan Sharma .
In the course of the searches, incriminating documents and objects were seized.
Further investigations into the case are ongoing.