Central Bureau of Investigation/Anticorruption Bureau Jammu to produce challan against Hilal Rather son of Ex-Finance Minister Abdul Rahim Rather, Arun Kumar Cluster Head J&K Bank Ltd Sambha and Iqbal Singh then Branch Head University Branch with in 10 days after registration of FIR.
The case related to the alleged misappropriation of crores of rupees from the term loans running into Crores sanctioned by Jammu and Kashmir Bankfor his ambitious township project known as Paradise Avenue at NarwalBala Jammu in the year 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 Smt. 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. The remaining loan amount were granted by the Board despite the fact that the repayments 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 Bureauin 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. 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 that further investigation on certain vital points including end use of funds, diversion of fucnds, role of officers of CHQ, Board of Directors and partners of the firm with regard to all 4 term loans is stil continue 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. After completion of investigation result of the same will be submitted before the court in the shape of supplementary charge-sheet. JNF