JAMMU, Apr 11: The Jammu and Kashmir Anti-Corruption Bureau (ACB) has registered an FIR against former and serving officials of the J&K Cooperative Housing Corporation Ltd for alleged misuse of official position, causing a financial loss of over ₹55 lakh to the government exchequer.
The case, registered under FIR No. 02/2025 at ACB Police Station Jammu, names Brij Bhushan Sharma, former Managing Director; Sewa Ram, then In-Charge of the Accounts Section; and Bharat Bhushan, another former MD of the Corporation, along with others. Charges have been framed under Section 5(1)(d) read with Section 5(2) of the J&K Prevention of Corruption Act, Samvat 2006, and Section 120-B of the RPC.
The FIR follows a verification conducted by the ACB, which revealed that Brij Bhushan Sharma, who retired on June 30, 2006, had availed a housing loan of ₹23 lakh from the Corporation without obtaining requisite approvals or executing necessary mortgage or supplementary deeds. This, according to the ACB, constituted a gross abuse of his official position.
Further findings disclosed irregularities in the sanction of a pension fund advance. As per a Board of Directors decision dated March 1, 2006, ₹15 lakh was to be deposited in the post office as a pension fund for Sharma, with equal contributions from the Corporation and the beneficiary. Of the ₹7.5 lakh share recoverable from Sharma, only ₹1.5 lakh was deposited as of 2022–23. No substantial recovery efforts were made by the present MD, the ACB noted.
As of March 31, 2023, a total of ₹36.40 lakh, including interest, remains outstanding against Sharma in relation to the housing loan, while ₹18.99 lakh is pending in connection with the pension advance—bringing the total loss to ₹55.39 lakh.
The probe also found that Bharat Bhushan, who succeeded Sharma as MD in 2006, failed to initiate any legal or administrative measures to recover the pending dues, thereby demonstrating “criminal silence” and negligence. Officials in the accounts section allegedly colluded in facilitating the loan disbursal and ignored standard procedures, contributing to the financial loss.
Further investigation into the case is underway.
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