Jammu: ACB arrests ex-MD of corporation in disproportionate assets case

The anti-corruption bureau (ACB) on Wednesday arrested the former managing director of Small Scale Industries Development Corporation Limited (SICOP) for amassing

The anti-corruption bureau (ACB) on Wednesday arrested the former managing director of Small Scale Industries Development Corporation Limited (SICOP) for amassing huge wealth disproportionate to his known sources of income.

The retired official has been identified as Bhupinder Singh Dua.

According to an official spokesperson, Dua 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 at SICOP in various capacities,” the spokesperson said.

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

“During investigation, it was discovered that Dua has also acquired massive movable and immovable assets, including 12 different factories under different names and styles established by him and his family members including M/S Modern Plastics, M/S Neptune Plastics and Modern Fabrications,” the spokesperson said.

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

“In addition, the retired public servant has also raised a double-storey palatial house in Nanak Nagar area over 2 kanals of land, which clearly indicates that the accused is having property disproportionate to his known sources,” the spokesperson 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.