Straightline News Network
Jammu, Jan 17: Anti-Corruption Bureau (ACB) Jammu arrested Hilal Rather, son of ex-finance Minister of Jammu and Kashmir and NC Leader Abdul Rahim Rather for allegedly siphoning off loans worth crores.
According to an Anti-Corruption Bureau spokesperson, 177 Crores sanctioned by Jammu and Kashmir Bank for his ambitious township project known as Paradise Avenue at NarwalBala Jammu in the year 2012 was used by Hilal Rather for purchasing huge properties abroad, holidaying abroad with family and friends and also for other entertainment activities.
The investigation conducted by the Bureau has revealed that Paradise Avenue was a partnership concern of Hilal Rather, Dr Rizwan Raheem Dar of Srinagar, Ghulam Mohd Bhatt of Baramulla, Daljeet Wadhera and Smt. Deepshikha Jamwal of Jammu.
J&K Bank sanctioned a term loan of Rs 74.27 crores to Paradise Avenue in the first phase despite the bank’s credit policy restricting loans to a partnership firm at Rs 40 crores.
Furthermore, the loan was approved by the Board of Directors of the J&K Bank despite the fact that Hilal Rather had already entered into a one-time-settlement with the State Financial Corporation in the past. Further loans were sanctioned by the Board despite the fact that the repayment of the first loan taken was not complete.
Hilal Rather, who also owns Simula Group of Companies, was being questioned for the past 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.
Hilal Rather has been taken into custody for further questioning. All the loan amounts availed by Hilal Ahmed Rather to the tune of Rs.177 crore have become NPA.