A judicial commission has indicted Goa's former chief minister Luizinho Faleiro in a financial racket involving Rs 100 crore.

Faleiro, who is the state Congress president, has dismissed the findings of the commission, headed by Justice M L Pendse, terming it as match-fixing.

The Bharatiya Janata Party government, headed by Manohar Parrikar, had instituted the inquiry in January this year to probe the alleged irregularities in the state-run Economic Development Corporation, set up to grant loans to industries.

Both Parrikar and Faleiro had accused each for the financial irregularities in the EDC while they were the finance minister and industries minister, respectively, between 1995 and 2003.

The industries department was initially handling the state-run financial institution. Later on, it was taken over by the finance department.

The Pendse commission pointed out several irregularities in the disbursal and recovery of loans by the EDC during Faleiro's tenure as minister.

The report states: "There is positive evidence to indicate that these illegalities and irregularities were committed at the behest of minister Faleiro and with the connivance of Modassir, the managing director of the EDC."

The commission has suggested that the EDC be handled by financial experts rather than by politicians. It also calls for necessary steps to revamp the EDC's functioning.

After accepting the commission report, the Cabinet has now handed it over to the home department for further action.