In a significant crackdown on corruption in Jammu and Kashmir, the Central Bureau of Investigation (CBI) filed a chargesheet earlier than the particular CBI Court at Jammu towards three accused specifically Hilal Ahmad Rather, son of senior National Conference chief and former Jammu and Kashmir Finance Minister Abdul Rahim Rather and his partnership agency M/s Paradise Avenue for defrauding Jammu and Kashmir Bank to the tune of Rs 177 crore.
The chargesheet additionally talked about the 2 then financial institution officers Iqbal Singh and Arun Kapoor, each had been the heads of New University Campus Branch of Jammu and Kashmir Bank.
The Jammu and Kashmir administration on February 28 had really useful CBI probe within the matter citing “international ramifications to the conspiracy with properties being purchased abroad by the accused.”
The chargesheet was filed by CBI inside 10 days of registration of FIR and the case was investigated by particular investigation crew.
The CBI had registered the case on March 4.
According to the sources, Hilal Ahmad Rather was arrested by anti-corruption department of Jammu and Kashmir police on January 16 in reference to the identical case however he had admitted himself to Government Medical College, Jammu citing well being causes.
During the CBI investigation, it was alleged that accused Hilal Ahmad Rather entered into prison conspiracy with the then officers of Jammu and Kashmri Bank to get roughly Rs 177.68 crore mortgage sanctioned which is in violation of guidelines and tips.
The loans that had been sanctioned for building of flats had been allegedly diverted and misappropriated by the accused Hilal Ahmad Rather utilizing the financial institution accounts of his workers. It was additional alleged that Hilal Ahmad Rather submitted cast certificates and payments to the financial institution.
The investigation additional alleged that the financial institution officers didn’t confirm the certificates and helped Hilal Ahmad Rather in siphoning off the mortgage quantity and laundering of cash. The financial institution officers allegedly ignored the foundations and tips of the financial institution.
Further investigation revealed acquisition of property by the accused in India or overseas and efforts to establish different transactions are persevering with.
The account was categorised as non-performing asset (NPA) on December 31, 2017.
“Very soon agency will take custody of the accused and will also examine the bank officials of New University Campus branch, Jammu who had sanctioned the loan without proper verification,” sources added.
Apart from Hilal Ahmad Rather, his companions within the firm- Rizwan Raheem Dar, Ghulam Mohd Bhatt, Daljeet Wadhera and Deepshikha Jamwal- are additionally being probed by the company.