Srinagar, Sep 21 (IANS) J&K Anti-Corruption Bureau (ACB) on Monday said it has registered an FIR against the branch manager of the Grameen Bank & others in Sopore for misusing their official position to commit irregularities.
An ACB statement said that the FIR names Arvind Saini, the then head of J&K Grameen Bank’s Reban branch in Sopore (Baramulla district) and Firdous Ahmad Sheikh, Business Correspondent & others.
Saini, Sheikh, and others allegedly committed serious financial irregularities by way of premature release of capital subsidy under sponsored schemes in relation to implementation of the Prime Minister’s Employment Generation Programme (PMEGP) etc., during the period 2021-2023, by violating the PMEGP Operational Guidelines issued by the sponsoring agency and adopted by the bank vide Circular No. 86 dated June 8, 2022.
During verification, it was revealed that Saini, under a well-knit criminal conspiracy with beneficiary Sheikh, prematurely released/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/adjustment letter from the Implementing agency, thereby facilitating unlawful closure/adjustment of the loan accounts concerned in gross violation of PMEGP guidelines. Among these accounts, six loan accounts had been sanctioned alone in favour of Sheikh and his family members and were prematurely closed by adjustment of subsidy.
The verification further established that in 46 PMEGP units financed by the branch head Saini involving sanctioned/disbursed amount of Rs1,66,72,000, no business units were found existing during physical verification, thereby frustrating the object of the PMEGP Scheme and indicating diversion of loan funds and subsidy in conspiracy with the beneficiaries.
Accordingly, a case FIR No. 05/2026 U/s 13(1)(a) read with Section 13(2) of the Prevention of Corruption Act, 1988 (as amended in 2018) and Sections 409, 120-B IPC is registered against Saini, Sheikh, and others.
Further Investigation of the case is going on, the ACB statement said.
–IANS
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