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January 17, 2020 07:30:00 | RK News

NC leader Rahim Rather’s son arrested in Bank fraud case

The Anti Corruption Bureau (ACB) Thursday arrested businessman son of senior National Conference leader and five-time former J&K Finance Minister Abdul Rahim Rather in bank fraud case.
A spokesman of ACB said Hilal Rather son of Abdul Rahim Rather was arrested by ACB Jammu today in a case related to the alleged misappropriation of crores of rupees from term loans running into Rs 177 crores sanctioned by J&K Bank for his ambitious township project known as Paradise Avenue at Narwal Bala Jammu in 2012.
“The investigation revealed that ‘Paradise Avenue’, a Partnership Concern of Hilal Rather, Dr Rizwan Raheem Dar of Sanant Nagar Srinagar, Ghulam Mohammad 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 a OTS with the State Financial Corporation in the past,” he said.
The remaining loan amount were granted by the Board despite the fact that the repayments of the first loan taken was not complete.
The spokesman said Hilal, who also owns Simula Group of Companies, was being questioned for last few months 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,” he said.
The spokesman said Hilal has been taken into custody for further questioning.
“It was also 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 to tune of Rs.177 crore have become NPA,” he added.

 

January 17, 2020 07:30:00 | RK News

NC leader Rahim Rather’s son arrested in Bank fraud case

              

The Anti Corruption Bureau (ACB) Thursday arrested businessman son of senior National Conference leader and five-time former J&K Finance Minister Abdul Rahim Rather in bank fraud case.
A spokesman of ACB said Hilal Rather son of Abdul Rahim Rather was arrested by ACB Jammu today in a case related to the alleged misappropriation of crores of rupees from term loans running into Rs 177 crores sanctioned by J&K Bank for his ambitious township project known as Paradise Avenue at Narwal Bala Jammu in 2012.
“The investigation revealed that ‘Paradise Avenue’, a Partnership Concern of Hilal Rather, Dr Rizwan Raheem Dar of Sanant Nagar Srinagar, Ghulam Mohammad 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 a OTS with the State Financial Corporation in the past,” he said.
The remaining loan amount were granted by the Board despite the fact that the repayments of the first loan taken was not complete.
The spokesman said Hilal, who also owns Simula Group of Companies, was being questioned for last few months 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,” he said.
The spokesman said Hilal has been taken into custody for further questioning.
“It was also 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 to tune of Rs.177 crore have become NPA,” he added.

 

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