Former SICOP MD held in disproportionate assets case

Tribune News Service

Jammu, July 1 

Jammu and Kashmir Anti-Corruption Bureau (ACB) on Wednesday arrested former Managing Director (MD), Small Scale Industries Development Corporation Limited (SICOP), Bhupinder Singh Dua in a disproportionate assets case.

According to an official spokesperson, Dua has amassed “massive wealth” and raised a number of assets in his own name as well as in the names of his family members and close relatives.

“He had acquired these assets with the ill-gotten money earned through corrupt practices during his stint in SICOP in various capacities,” said the spokesperson. 

On October 14 last year, the ACB had conducted a search at the premises of the former SICOP MD and recovered assets, including golden ornaments weighing 1.834 kg, silver weighing 1.470 kg and cash amounting Rs 9, 57,400.

“During ongoing investigation, it was discovered that Dua has also acquired massive movable and immovable proprieties, including 12 different factories under different names and style established by him and his family members,” said the spokesperson.  

“This includes M/S Modern Plastics, M/S Neptune Plastics and Modern Fabrications,” the spokesperson added.

He also acquired large number of goods carriers and trucks, two houses, two plots and four luxury vehicles.

“In addition, the retiree public servant has also raised a double storey palatial house in Nanak Nagar area over a piece of land measuring 2 kanal approximately which clearly indicates that the accused is having property disproportionate to his known sources which has been acquired by him through illegal and corrupt practices during his service career,” said the spokesperson.

The ACB official said the accused was given ample time and opportunity to provide details of the assets and properties acquired by him.

“He was taken into custody by ACB for questioning regarding assets acquired by him. Further investigations are going on,” the spokesperson added.