Excelsior Correspondent
JAMMU, Apr 20: High Court has reserved bail application of Hilal Rather, son of former Finance Minister, who was allegedly involved in Rs 177 crore worth scam.
After hearing Senior Advocate Sunil Sethi and Advocate Pranav Kohli for Hilal Rather and Advocate Monika Kohli for the Central Bureau of Investigation, Justice Puneet Gupta reserved the bail application.
It is worthwhile to mention here that CBI Court had rejected bail application on March 31, 2020.
The case is relating to the alleged misappropriation of crores of rupees from the term loans sanctioned by Jammu and Kashmir Bank for Hilal Rather’s township project known as Paradise Avenue at Narwal Bala Jammu in the year 2012.
The investigation conducted by the CBI has revealed that Paradise Avenue, a Partnership Concern of Hilal Rather, Dr Rizwan Raheem Dar of Sanat Nagar Srinagar, Ghulam Mohd Bhatt of Baramulla, 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 Hilal Rather 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 repayments of the first loan were not complete.
Hilal Rather, who also owns Simula Group of Companies, was being questioned for the last few months by the CBI 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. He has 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.
In the charge-sheet submitted by the CBI, it has been mentioned that further investigation on certain vital points including end use of funds, diversion of funds, role of officers of Board of Directors and partners of the firm with regard to all 4 term loans is still going on to establish the role of other public servants and private persons/partner and employees of the firms et in the instant matter and also to collect more evidence against Hilal Ahmed Rather, Iqbal Singh and Arun Kapur.
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