Disproportionate assets: Former MD of Jammu-based corporation held

JAMMU: 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.

As per an official spokesperson, the accused, Bhupinder Singh Dua, had amassed “massive wealth” and raised a number of assets in his 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 official said.

On October 14 last year, the ACB had conducted a search at Dua’s place and recovered valuable assets, including gold ornaments weighing 1.834kg, 1.470kg silver and ₹9, 57,400 cash.