STATE TIMES NEWS JAMMU: CJM Jammu Deepak Sethi granted 11 days judicial remand of Hilal Rather, son of Ex-Finance Minister Abdul Rahim Rather who was taken into custody by Anti Corruption Bureau Jammu in an alleged Bank Fraud Case of Paradise Avenue Township Project. It is worthwhile to mention here that day before yesterday Hilal Rather was admitted to Super Specialty Hospital Jammu as he was not fit during investigation. According to the source, he got pain in kidney.
According to the ACB, Hilal Rather was arrested by the Anti-Corruption Bureau (ACB) Jammu in a case related to the alleged misappropriation of crores of rupees from the term loans running into Rs. 177 crore sanctioned by Jammu and Kashmir Bank for his ambitious township project known as Paradise Avenue at Narwal Bala Jammu in 2012. The investigation conducted by the Bureau 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 crore in the first phase and in relaxation to the credit policy of the bank which restricts loan to a partnership firm at Rs 40 crore, the loan was approved by the Board of Directors of the J&K Bank despite the fact that he had already entered into a OTS with the State Financial Corporation in the past. The remaining loan amount was granted 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 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 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 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.
Meanwhile, his bail application has been adjourned till Monday for arguments.
Way forward for any country is by educating itself more: Shah Rukh
Prabhas to work in ‘Mahanati’ director Nag Ashwin’s next
Colin Trevorrow’s ‘Jurassic World 3’ titled ‘Dominion’
John Abraham to produce biopic on Revathi Roy
Bachchan sir and I are at loggerheads in ‘Gulabo Sitabo’: Ayushmann
© 2017 State Times Daily Newspaper