Srinagar, Sept 21, KDC: The Jammu and Kashmir Anti-Corruption Bureau (ACB) has registered an FIR against Arvind Saini, the then Branch Head of J&K Grameen Bank, Branch Office Reban, Sopore in Baramulla district, and Firdous Ahmad Sheikh, a Business Correspondent, along with others, for alleged financial irregularities and misuse of official position in the implementation of government-sponsored schemes.
According to the ACB, the case pertains to alleged irregularities committed during 2021-2023 in connection with the implementation of the Prime Minister’s Employment Generation Programme (PMEGP), including the premature release and adjustment of capital subsidy in violation of the scheme’s operational guidelines.
The ACB said its verification found that Saini, allegedly in connivance with beneficiary Firdous Ahmad Sheikh, prematurely released or reversed capital subsidy amounting to ₹41.17 lakh in 25 PMEGP loan accounts before completion of the mandatory lock-in period.
The subsidy was allegedly adjusted without obtaining the requisite authorisation or adjustment letter from the implementing agency, facilitating the premature closure or adjustment of the concerned loan accounts, the ACB said.
The agency further alleged that six of the 25 loan accounts had been sanctioned in favour of Business Correspondent Firdous Ahmad Sheikh and his family members, which were prematurely closed through adjustment of the subsidy amount.
The ACB said its verification also established that 46 PMEGP units, financed by the branch under Saini, involving sanctioned and disbursed loans totalling ₹1.66 crore, were not found to be in existence during physical verification.
According to the agency, the absence of the units indicated possible diversion of loan funds and subsidy and frustrated the intended objectives of the PMEGP scheme.
The alleged violations were carried out in contravention of the PMEGP Operational Guidelines issued by the sponsoring agency and adopted by J&K Grameen Bank through Circular No. 86 dated June 8, 2022, the ACB said.
Accordingly, the ACB has registered 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, along with Sections 409 and 120-B of the IPC, against Saini, Sheikh and others.
The ACB said further investigation into the case is underway. (KDC)

