STATE TIMES NEWS
JAMMU: The Anti-Corruption Bureau (ACB) on Friday registered a case against Brij Bhushan Sharma, former Managing Director of Jammu and Kashmir Cooperative Housing Corporation Limited, and others in connection with alleged financial irregularities.
A case has been registered under the Prevention of Corruption Act and criminal conspiracy in Jammu, an ACB spokesperson said. “Others named in the case include Sewa Ram, then in-charge of the Accounts Section, and Bharat Bhushan, another former MD of the corporation,” he added.
According to the ACB, the case was registered following a verification which revealed that Sharma, who retired on June 30, 2006, had obtained a total loan of Rs 23 lakh from the corporation allegedly without due approval, mortgage, or supplementary documentation, thereby “misusing” his official position.
The probe also found that the corporation’s board of directors had approved a pension benefit plan for Sharma in March 2006, which involved Rs 15 lakh deposit with the post office, with contributions shared equally between the corporation and Sharma, he said.
“His share of Rs 7.5 lakh was released to him with the condition that it would be recovered from his retirement dues. However, only Rs 1.5 lakh has been repaid by him so far,” he added.
As per records, the total outstanding amount against Sharma, including interest on the housing loan and pension advance, stood at over Rs 55 lakh as of March 31, 2023.
The ACB further alleged that Bharat Bhushan, who took charge after Sharma’s retirement, failed to take any legal or administrative action to recover the pending dues, he said.
Officials in the corporation were also accused of facilitating the loan without following due procedures and not acting to recover the money, resulting in a significant loss to the government exchequer.
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