Excelsior Correspondent
JAMMU, Mar 10: Special Judge CBI Rajesh Sekri today granted five days judicial remand of Hilal Rather, son of ex-Finance Minister, who was allegedly involved in Rs 177 crore bank loan scam.
The Central Bureau of Investigation has taken over the case from the Anti-Corruption Bureau (ACB) on the recommendations of the J&K Government.
It is alleged that Hilal Rather had taken a loan from Jammu and Kashmir Bank for his ambitious township project, known as Paradise Avenue, at Narwal Bala in Jammu in 2012. The account had turned non-performing asset in 2017 and it is alleged that the loan amount was diverted to be invested in properties in Dubai and America, sponsorship of a T20 cricket team of a company and hosting shows of a popular stand-up comedian.
Moreover, it is alleged that funds worth over Rs 26 crore were diverted from the account for the purchase of expensive gift items, holidays abroad and hosting shows of TV and film celebrities. Even a portion of loan amount was used to pay fuel bills and salary of employees of Simula Software Solutions, besides taking the Simula Cricket team, a sister concern of Paradise Avenue owned by Hilal Rather, to Dubai and Sharjah for playing T20 tournament.
The ACB had found that money was allegedly transferred to a Dubai bank account for purchase of at-least three properties and investments in Al Ahli Saudi Trading Equity Fund and Mashreq Al Islamic Income ‘B’ USD.
In spite of non-payment of the first loan, three more term loans were granted by the bank taking in total loan amount to Rs 177.68 crore which remained unpaid. The bank management abused its official position in a one-time settlement waiving Rs 50 crore from the outstanding due.
Trending Now
E-Paper
Follow our WhatsApp channel