JAMMU: The Anti-Corruption Bureau (ACB) of Jammu Police on Saturday registered an FIR in the multi-crore loan default case involving Jammu & Kashmir Cooperative Housing Corporation Ltd (JKCHC), whereby large amounts of the loan were diverted and state land encroached and sold illegally.
Searches were conducted in this regard and incriminating documents and articles recovered from the residence of then MD of JKCHCL Brij Bhushan Sharma.
In a written statement, an ACB spokesperson said that a preliminary enquiry was registered based on a complaint received from the GAD J&K to look into allegations of J&K Cooperative Housing Corporation.
“JKCHC had defaulted in repayment of loan amount amounting to more than Rs 40 crore raised from HUDCO. J&K government was the guarantor and 70% of the capital was owned by the government,” a police spokesperson said. The complaint revealed as of July 26, 2017, an amount of Rs 90 crore including interest was outstanding against the corporation.