ACB books JAKFED officials, cement firm for bulk purchase at exorbitant prices

ACB books JAKFED officials, cement firm for bulk purchase at exorbitant prices

Srinagar: The Anti Corruption Bureau (ACB), Jammu has booked officials of JAKFED and proprietor of Shree Cement firm in a case related to bulk purchase of cement at allegedly exorbitant rates.
A statement issued by ACB from Jammu said that officials of JAKFED, including its then Managing Director Ravinder Gupta, abused their official position, by acting in league with the supplier firms, for their own pecuniary gains and purchased the cement at exorbitant rates causing huge loss to state exchequer
The ACB had received complaints alleging that Gupta and other officials of JAKFED had made bulk purchase of cement without any demand in lieu of pecuniary benefit and dumped the stock at Ware House Store/Railway Complex Store.
During verification, the ACB found that from April 2010 to August 2010, JAKFED had procured Shree Cement (OPC) at the rate of Rs 224 per bag, whereas during the financial year 2010-11, its sister agency Store Procurement Department (SPD) procured the same brand of cement at Rs 187.31 per bag.
The inflated cost of Rs. 36.69 per bag caused loss to the tune of Rs. 704448 to the state exchequer.
The ACB added that profit margins and sale margins were increased beyond the permissible limits through which gains worth lakhs were obtained and usurped.
The ACB has booked the officials under section 5 (1) (d) read with section 5 (2) JK PC Act and section 120-B RPC. The accused include, Ravinder Gupta, the then MD JAKFED, Sham Lal Sharma the then AGM JAKFED (now retired), Mukesh Damral, Sr. Manager (K/M) JAKFED, Jalal Din Dar the then Manager Accounts JAKFED (now retired), Sanjeev Sachdeva Manager Accounts JAKFED, Puran Chand, Manager Personnel and DVO JAKFED, Naveen Chander, Chief Accountant, JAKFED, Gurdas Dingra, the then FA/CAO JAKFED (now retired), Girdhari Lal Abrol, General Manager JAKFED, the proprietor of the firm Shree Cement and others.