In a report tabled in the Assembly, the CAG has found irregularities in implementation of the Jammu and Kashmir State Lands (Vesting of Ownership to the Occupants) Act, 2001, also known as the 'Roshni Act', which came into effect on March 1, 2002 and later amended in 2004 and 2007.
The CAG, however, observed that only Rs 76.24 crore (24 per cent) reportedly realized against a demand of Rs 317.54 crore raised by the end of March, 2013 against the actual transfer of 3,48,160 kanals land in the state.
"Thus, the principal objective of the Act, viz., raising of resources for investment in Power sector was not achieved though the state has lost sizeable lands", CAG said.
The CAG said implementation of the Roshni Act and the rules framed thereunder was examined by Audit between November 2012 and July 2013 to check for any deficiency or irregularities.
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"With this constraint, audit was conducted through a test-check of records of the offices of Deputy Commissioners in seven out of 20 districts in which the Act was implemented.
"The records were test checked in Srinagar, Jammu, Udhampur, Anantnag, Pulwama and Budgam districts and 547 cases involving transfer of 666 kanals of non-agricultural lands were examined in detail," it said.
The State Vigilance officers had recently booked liquor baron Bansi Lal Gupta and some (IAS) officers of Revenue Department in connection with registration of prime land of Jammu Development Authority (JDA) in Roshni land scam.