ACB arrests NC leader’s son over alleged bank fraud
Srinagar, Jan 16:
The Anti-Corruption Bureau (ACB) in Jammu and Kashmir on Thursday arrested
Hilal Rather, son of National Conference leader and former finance minister
Abdul Rahim Rather, in a bank fraud case involving Rs 177 core.
Rather was arrested by the Anti-Corruption Bureau (ACB) Jammu today in a case
related to the alleged misappropriation of crores of rupees from the term loans
running into Rs 177 Crores sanctioned by Jammu and Kashmir Bank for his
ambitious township project known as Paradise Avenue at Narwal Bala Jammu in the
year 2012,” an ACB spokesman said.
Abdul Rahim Rather was the finance minister of the erstwhile state in 2012 when
the loan was taken from the bank.
According to the
official statement, “ the investigation conducted by the Bureau has
revealed that Paradise Avenue, a Partnership Concern of Hilal Rather, Dr Rizwan
Raheem Dar of Sanant Nagar Srinagar, Ghulam Mohd Bhatt of Baramulla Kashmir,
Daljeet Wadhera and Smt. Deepshikha Jamwal of Jammu was sanctioned a term loan
of Rs 74.27 crores in the first phase and in relaxation to the credit policy of
the bank which restricts loan to a partnership firm at Rs 40 crores and the
loan was approved by the Board of Directors of the J&K Bank when Hilal
Rather despite the fact that he had already entered into a OTS with the State
Financial Corporation in the past. The remaining loan amount were granted by
the Board despite the fact that the repayments of the first loan
taken was not complete”.
Hilal Rather, who
also owns Simula Group of Companies, was being questioned for the last few
months by the Bureau in connection with the siphoning off crores of rupees from
the loan amount sanctioned by the New University Campus Branch of
J&K Bank for the construction of Flats under the name of Paradise Avenue.
He has been
evading details of property raised & others transaction related to
siphoning of funds meant for construction.