JAMMU: The Jammu and Kashmir Anti-Corruption Bureau (ACB) has registered a formal case (FIR No. 02/2025) 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 at Police Station ACB Jammu against three former officials of the Jammu and Kashmir Cooperative Housing Corporation Ltd.
The accused include Brij Bhushan Sharma, former Managing Director who superannuated in June 2006; Sewa Ram, then In-Charge of the Accounts Section; and Bharat Bhushan, who succeeded Sharma as MD of the Corporation. The case has been registered following a verification process undertaken by the Bureau.
The verification revealed that Brij Bhushan Sharma had availed a housing loan of Rs 23 lakhs from the Corporation without following the due procedure, without proper approval, and in the absence of any mortgage or supplementary deeds, thereby abusing his official position.
It was also found that based on a Board of Directors decision dated March 1, 2006, Sharma was granted a pension benefit requiring a deposit of Rs 15 lakhs in a post office account, with the Corporation and Sharma each contributing Rs 7.50 lakhs. The Corporation advanced Sharma’s share to him with the understanding that it would be recovered from his retirement dues. However, only Rs 1.50 lakhs was recovered between 2022 and 2023.
According to the ACB, the outstanding housing loan amount, along with interest, as of March 31, 2023, stands at Rs 36,40,375.50. Additionally, the advance against the pension fund has accumulated to Rs 18,99,266, including interest, taking the total outstanding amount to Rs 55,39,641.50.
The probe further found that Bharat Bhushan, who took over as MD after Sharma’s retirement, failed to initiate any effective steps or legal action to recover the amounts due from his predecessor. His inaction, along with the conduct of other officers and officials, was termed a “criminal silence” by the ACB, pointing to deliberate violation of Corporation rules and enabling the misappropriation of funds.
The ACB has stated that further investigation into the case is ongoing.
