POLITICS

J-Okay: ACB registers FIR in Rs 1,000-cr mortgage default case, raids performed


The eminent colonies are Kud Housing Colony, Davik Housing, Kalu Chak , Swarn Vihar, Tawi Vihar Housing Colony, Swarn Vihar and Glimpse Bagh Housing Colony. (File)

The anti-corruption bureau (ACB) on Saturday registered a case in opposition to the head officials of Jammu and Kashmir Cooperative Housing Company (JKCHC), including its veteran managing director, in a Rs 1,000 crore mortgage default case, officials acknowledged.

Searches were performed after obtaining warrants from the courtroom on the residential premises of JKCHCL chairman and MD Brij Bhushan Sharma, internet site of business premises of JKCHCL and of JK Housing and Tourism Society and Company being operated by Sharma, officials acknowledged.

A preliminary enquiry used to be registered on the premise of a criticism purchased from the classic administrative division to survey into the allegations of JKCHCL, which used to be registered within the year 1982 by the then registrar of Jammu and Kashmir cooperative societies to provide housing products and services to the public, they acknowledged.

It had defaulted in repayment of a mortgage amounting to Rs 40.63 crore raised from HUDCO. The Jammu and Kashmir administration used to be the guarantor and 70 per cent of the capital used to be owned by the authorities, officials acknowledged.

The criticism acknowledged that in 2017, Rs 90 crore used to be eminent in opposition to the corporation. HUDCO had blacklisted the authorities till liquidation of the eminent mortgage and no further mortgage products and services were granted for execution of diverse initiatives in Jammu and Kashmir.

The enquiry further published that JKCHC availed round 27 mortgage products and services from HUDCO between 1991 and 2001 for the acquisition and development of lands for environment up housing colonies in Jammu and Kashmir, they acknowledged.

The eminent colonies are Kud Housing Colony, Davik Housing, Kalu Chak , Swarn Vihar, Tawi Vihar Housing Colony, Swarn Vihar and Glimpse Bagh Housing Colony.

JKCHCL defaulted in cost within the mortgage and as of 2020, approximately Rs 1,006 crore used to be eminent for repayment to HUDCO, officials acknowledged.

The enquiry has additionally published that the chairman, managing administrators and diversified officials who were on the helm of affairs in JKCHC had misappropriated mortgage quantity to the tune of Rs 23.12 crore, they acknowledged.

It used to be found that there used to be an unlawful modification within the norms and bye-criminal guidelines of JKCHCL and encroachment upon authorities and neighborhood land for the enhance of housing schemes which had been later sold off for a revenue, officials acknowledged.

As a result of this truth, an FIR used to be registered on the premise of the omissions and commissions disclosed one day of the enquiry on the fragment of veteran chairman and MD Brij Bhushan Sharma and diversified officials of the management of the JKCHC and unknown officials of the authorities, they acknowledged.

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