SRINAGAR :The Jammu and Kashmir Anti-Corruption Bureau (ACB) on Monday registered a case against a former branch manager of Grameen Bank for allegedly committing financial irregularities by misusing his official position.
A spokesperson of the ACB said the anti-graft agency has registered an FIR against Arvind Saini, the former Reban branch head of Jammu and Kashmir Grameen Bank in Sopore area of Baramulla district. It alleges a criminal conspiracy in connivance with Firdous Ahmad Sheikh, a beneficiary of the Prime Minister's Employment Generation Programme (PMEGP) scheme.
The financial irregularities involved premature release of capital subsidy under sponsored schemes in relation to the implementation of the PMEGP, etc., between 2021 and 2023, the spokesperson said, adding that the PMEGP operational guidelines were violated.
During verification, it was revealed that Saini, "under a well-knit criminal conspiracy with beneficiary Sheikh", prematurely released or reversed capital subsidy amounting to Rs 41,17,500 in 25 PMEGP loan accounts before expiry of the mandatory lock-in period without receipt of requisite authorisation or adjustment letter from the implementing agency", the ACB said.
In gross violation of PMEGP guidelines, six loan accounts sanctioned alone in favour of Sheikh and his family members were prematurely closed by adjustment of subsidy, according to the spokesperson.
It has been further established during verification that in 46 PMEGP units financed by the branch head -- involving sanctioned or disbursed amount of Rs 1,66,72,000 -- no business units were found existing during physical verification, the spokesperson said.
This indicates diversion of loan funds and subsidy in conspiracy with the beneficiaries, he added.
Accordingly, a case under the Prevention of Corruption Act, and Sections 409, 120-B of IPC has been registered against Saini, Sheikh and others, the official said.
Further investigation of the case is going on.