ACB J&K registers FIR against Arvind Saini, the then Branch Head J&K Grameen Bank, BO Reban, Sopore District Baramulla and Firdous Ahmad Sheikh, Business Correspondent & others for financial irregularities misusing their Official Positions.

ACB J&K registers FIR against Arvind Saini, the then Branch Head J&K Grameen Bank, BO Reban, Sopore District Baramulla and Firdous Ahmad Sheikh, Business Correspondent & others for commission of 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 sponsoring agency and adopted by the Bank vide Circular No. 86 dated 08.06.2022.

During verification it was revealed that Shri Arvind Saini the then Branch Head J&K Grameen Bank, BO Reban, Sopore District Baramulla under a well-knit 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 requisite authorization/adjustment letter from the Implementing Agency, thereby facilitating unlawful closure/adjustment of the concerned loan accounts in gross violation of PMEGP guidelines, among them, 06 loan accounts had been sanctioned alone in favour of Business Correspondent Firdous Ahmad Sheikh and his family members prematurely closed by adjustment of subsidy.

During verification it has been further established that in 46 PMEGP units financed by the Branch Head Arvind Saini involving sanctioned/disbursed amount of Rs.1,66,72,000/-, 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 Arvind Saini, then Branch Head J&K Grameen Bank, Branch office Reban, Sopore District Baramulla and Firdous Ahmad Sheikh, Business Correspondent & others. Further Investigation of the case is going on.

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