news details |
|
|
| Ex-J&K Finance Minister’s son arrested in bank fraud case | | | Early Times Report
Jammu, Jan 16: Hilal Rather a business and son of former minister has been taken in custody by Anti-Corruption Bureau (ACB) Jammu in a Bank Fraud Case of Paradise Avenue Township Project: Loan amounting to crores meant for construction activities siphoned off.
According to ACB’s spokesperson, Rather was arrested by the ACB Jammu today in a case related to the alleged misappropriation of crores of rupees from the term loans running into 177 Crores sanctioned by Jammu and Kashmir Bank for his ambitious township project is known as Paradise Avenue at NarwalBala Jammu in the year 2012.
“The investigation conducted by the Bureau has revealed that Paradise Avenue, a Partnership Concern of Hilal Rather, Dr Rizwan Raheem Dar of Sanat Nagar Srinagar, Ghulam Mohd Bhatt of Baramulla Kashmir, Daljeet Wadhera and 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 an OTS with the State Financial Corporation in the past”, they said, adding that the remaining loan amount was granted by the Board despite the fact that the repayments of the first loan taken were not complete.
The spokesman further said 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 and other transactions related to the siphoning of funds meant for construction.
“Hilal Rather has been taken into custody for further questioning. It has also been revealed that the funds diverted have been used to purchase huge properties in abroad, holidaying abroad with family and friends and also for other entertainment activities”, he said, adding that all the loan amounts availed by Hilal Ahmed Rather to the tune of Rs.177 crore has become NPA. |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
|
|
|
|
 |
|
|
