Top JKSFC official, policeman arrested

Srinagar, Mar 7: A top official of a leading financial institution in Jammu and Kashmir and a policeman have been arrested by the state Vigilance Organisation while accepting bribes, an official spokesman said today (Mar 7, 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.

However, the accused 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.

UNI