Jammu: The Central Bureau of Investigation and the Anti-Corruption Bureau of Jammu on Saturday produced challan against three people, including the son of a former Finance Minister of Jammu and Kashmir and top officials of J&K Bank for misappropriation of crores of rupees from the bank, within 10 days after registration of FIR.
According to a Spokesperson, the case related to the alleged misappropriation of crores of rupees from the term loans, sanctioned by Jammu and Kashmir Bank, for an ambitious township project of Hilal Rather, son of J&K Ex-Finance Minister Abdul Rahim Rather, in connivance with Arun Kumar, Cluster Head J&K Bank Ltd Sambha and Iqbal Singh, then Branch Head University Branch.
Investigation revealed that the project 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 crore in the first phase in 2012.
The loan was given in relaxation to the credit policy of the bank, which restricts loan to a partnership firm at Rs 40 crore and was approved by the Board of Directors of the J&K Bank to Hilal, despite the fact that he had already entered into an 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,” said the spokesperson, adding that Hilal, 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, situated at Narwal Bala in Jammu.
He had been evading details of property raised and others transaction related to siphoning of funds meant for construction.
“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. All the loan amounts availed by Hilal Ahmed Rather to tune of Rs 177 crore have become NPA,” he said.
CBI challans ex-minister’s son; Cluster, Branch Heads of J&K Bank
