Court grants 11 days judicial remand of Hilal Rather

By
Daily Excelsior
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Excelsior Correspondent
JAMMU, Jan 24: CJM Jammu Deepak Sethi today granted 11 days judicial remand of Hilal Rather, son of former Finance Minister Abdul Rahim Rather, who has been taken into custody by the Anti-Corruption Bureau in an alleged bank fraud case of Paradise Avenue Township Project.
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 crores sanctioned by Jammu and Kashmir Bank for his ambitious township project known as Paradise Avenue at Narwal Bala 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 Deepshikha Jamwal of Jammu was sanctioned a term loan of Rs 74.27 crores in the first phase.
In relaxation to the credit policy of the bank which restricts loan to a partnership firm at Rs 40 crores 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 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 ACB 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 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.
Meanwhile, his bail application was adjourned for Monday for arguments.

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