Justice Puneet Gupta of J&K High Court Jammu Wing today rejected the bail application of Hilal Rather son of Ex-Finance Minister Abdul Rahim Rather who was allegedly involved in 177 Crore J&K Bank Loan Scam.
While rejecting bail application, Justice Puneet Gupta after hearing Sr. Adv Sunil Sethi and Adv Pranav Kohli for the applicant whereas Adv Monika Kohli for the Central Bureau of Investigation observed that the accused faces charges which are of serious nature. The bail cannot be granted on the mere asking of the accused nor can the accused claim bail as a matter of right. Each case has to be decided on its own merits.
CBI has opposed the application on the ground that the accused has misappropriated the loan amount and utilized the same for his personal use. The investigation in the case is still going on to unearth the larger conspiracy involved in the matter. The accused has been provided adequate treatment at Government Medical College, Jammu and P.G.I. Chandigarh while in Judicial Custody by the Jail Authorities. It is further stated that there is nothing on record to suggest that the condition of Jail is not clean and hygienic or that adequate measures are not taken by the Jail Authorities to prevent the spread of COVID-19. The Special Judge has rejected the interim bail application of the accused vide Order dated 31.03.2020. The condition of the accused is stable and does not require any special treatment as per the record. It is submitted that the Medical Report of P.G.I, Chandigarh appears to be manipulated one and this fact has been observed by the trial Court in its order dated 31.03.2020. The case of the accused does not fall within the directions of the Hon’ble Supreme Court so as to entitle him for bail. The accused can tamper with the evidence if released on bail as he is highly influential is also stated in the objections. Indeed the prayer is for dismissal of the application in hand.
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. JNF