Top JKSFC officer arrested for graft

Srinagar, Mar 07: A top official of a leading financial institution in Jammu and Kashmir has been arrested by the state Vigilance Organisation while accepting bribe from an entrepreneur, an official spokesman said today (Mar 07, 2006).

He said the Deputy General Manager of the Jammu and Kashmir State Financial Corporation (JKSFC) was caught red-handed while accepting bribe of Rs 5000 from a Small Scale Industry (SSI) entrepreneur.

Mohammad Amin Zargar, a resident of Anantnag and proprietor of Lucky LPG Gas Stoves, HMT Srinagar, lodged a complaint with the Vigilance Organisation police station stating that he was sanctioned a loan of Rs 17.59 lakh by the JKSFC on January 19, 2004 for establishing a unit for manufacturing LPG gas stoves.

An amount of Rs 10,66,455 was earlier released in his favour by the JKSFC, leaving a balance of Rs 6,92,545, the spokesman said.

The accused JKSFC Deputy General Manager did not release the balance loan amount and demanded bribe from the complainant.

Mr Zargar was in distress as the unit was yet to be commissioned, the spokesman said, adding he was already accumulating huge losses on account of the interest charged on the released loan amount.

A case was registered in the Vigilance Organisation police station. A team of officials was deputed with the complainant for investigations.

The Vigilance officials laid a trap and the Deputy General Manager was caught red handed while demanding and accepting bribe of Rs 5000 from the complainant in his office in presence of witnesses.

The Deputy General Manager was taken into custody, the spokesman said, adding further investigations have been launched into the case.

UNI