Srinagar, Sep 21: The Anti-Corruption Bureau (ACB) J&K on Monday said it has registered an FIR against the then Branch Head of J&K Grameen Bank, Reban branch, Sopore, and a Business Correspondent over alleged financial irregularities and premature release of capital subsidy under PMEGP during 2021-2023.
In a statement issued to the news agency—Kashmir News Observer (KNO), a spokesperson said the ACB J&K had registered an FIR against Arvind Saini, the then Branch Head of J&K Grameen Bank, Reban branch, Sopore, and Firdous Ahmad Sheikh, a Business Correspondent, among others, for allegedly committing financial irregularities and misusing their official positions.
The spokesperson said the accused allegedly committed serious financial irregularities by prematurely releasing capital subsidy under sponsored schemes related to the implementation of the Prime Minister’s Employment Generation Programme (PMEGP) during 2021-2023, in violation of 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 Arvind Saini, the then Branch Head of J&K Grameen Bank, Reban branch, Sopore, under a criminal conspiracy with beneficiary Firdous Ahmad 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 the requisite authorisation/adjustment letter from the implementing agency,” the spokesperson said.
He said this allegedly facilitated the unlawful closure/adjustment of the concerned loan accounts in violation of PMEGP guidelines. Among these, six loan accounts sanctioned in favour of Business Correspondent Firdous Ahmad Sheikh and his family members were allegedly closed prematurely through adjustment of the subsidy.
The spokesperson further said that during verification, it was established that no business units were found existing during physical verification in 46 PMEGP units financed by the branch, involving a sanctioned/disbursed amount of Rs 1,66,72,000.
“This frustrated the objective of the PMEGP scheme and indicated diversion of loan funds and subsidy in conspiracy with the beneficiaries,” he said.
Accordingly, FIR No. 05/2026 under Section 13(1)(a) read with Section 13(2) of the Prevention of Corruption Act, 1988, as amended in 2018, and Sections 409 and 120-B of the IPC has been registered against Arvind Saini, the then Branch Head of J&K Grameen Bank, Reban branch, Sopore, Firdous Ahmad Sheikh, Business Correspondent, and others. Further investigation in the case is underway. (KNO)
