ACB registers FIR in 1000 crore J&K Cooperative Housing Corporation, HUDCO loan default case
JAMMU: A Preliminary Enquiry (PE) was registered on the basis of a complaint received from the GAD J&K, Jammu to look into the allegations of J&K Cooperative Housing Corporation (JKCHC) which was registered in the year 1982 by the then Registrar of J&K Cooperative Societies to provide housing facilities to the public had defaulted in repayment of loan amount amounting to Rs. 40.63 crore raised from HUDCO. J&K Govt. was the Guarantor and 70 % of the capital was owned by the Govt.
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 Govt. 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 w.e.f 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 31.11.2020 an amount of Rs. 10,06,06,80,678/-(Rs 1006 crore approximately) is outstanding for repayment to HUDCO.