Rs 97 cr scam unearthed in HFC

An IAS officer and at least half-a-dozen district managers of the Haryana Financial Corporation (HFC) have landed in trouble after the state...

An IAS officer and at least half-a-dozen district managers of the Haryana Financial Corporation (HFC) have landed in trouble after the state Vigilance Bureau unearthed a scam that caused losses of more than Rs 97 crore to the Corporation. The Bureau scanned HFC records pertaining to the period between 1993 and 1996 when the Bhajan Lal-led Congress Government ruled the state. But it is silent on the period after 1996.

Senior officers, according to an official spokesman, acted hand in glove with beneficiaries in the scam. The Bureau also recommended departmental action against Ajit M. Sharan, then Managing Director of HFC, under Rule 8 of the All India Services (Discipline and Appeals) Rules, 1969. Under the present rules, the Bureau is not empowered to register a case against the IAS. The senior officer used various state government schemes to his advantage, causing losses to the government, he added.

The inquiry, conducted by the Bureau, revealed a loss of more than Rs 11.3 crores under the Merchant Banking Scheme during 1994-1996, Rs 38.69 crore under the Leasing Scheme in 1993-1996, Rs 5.82 crore under the Sub-Leasing Scheme in 1995, and Rs 41.25 crore in the sanction and payment of loan in the working capital in 1994-1996. In 1995, irregularities were committed in public issues.

Story continues below this ad

The amounts were released on the basis of forged documents without proper verification. Also, the full amount was released instead of installments, to firms without verification of documents or guarantees of firms.

The Bureau has recommended recovery of the losses from beneficiary firms and shareholders. It has also recommended registration of a case under Section 406/420/467/468/471/120-B of the Indian Penal Code and 13(1)(d) of the Prevention of Corruption Act against the erring officers. The government has ordered the registration of a case at Ambala which was done on April 25. Investigation are on, the spokesman added.

‘Grave insult to wounded people’: Cong lashes out at PM Modi amid his first Manipur visit

India32 min ago

As Prime Minister Narendra Modi visits Manipur for the first time since ethnic violence hit the state in May 2023, the Congress on Saturday called it a “farce, tokenism, and a grave insult to a wounded people”.

View all shorts

Live Blog