ACB arrests NC leader’s son in bank fraud

Srinagar: The Anti Corruption Bureau on Thursday arrested Hilal Rather son of senior National Conference leader Abdul Rahim Rather for alleged misappropriation of Rs 177 crores in J&K Bank lone case.
“Hilal 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.
It said that the investigation conducted by the anti-graft body 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 Deepshikha Jamwal of Jammu was sanctioned a term loan of Rs 74.27 crores in the first phase.
“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,” it added.
It said that Rather, who also owns Simula group of companies, was being questioned for the last few months by the ACB 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,” it said.
According to ABC, the funds have been diverted to “purchase huge properties in abroad, holidaying abroad with family and friends and also for other entertainment activities”. “All the loan amounts availed by Hilal Ahmed
Rather to tune of Rs.177 crore have become NPA,” it added.

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