Central Bureau of Investigation (CBI) and Anti Corruption Bureau (ACB), Jammu will submit supplementary chargesheet against Hilal Rather, son of former Finance Minister, Abdul Rahim Rather, Arun Kumar, Cluster Head J&K Bank, Samba and Iqbal Singh, then Branch Head, University Branch within 10 days after registration of case.
The case related to the alleged misappropriation of croresof rupees from the term loans running into crores sanctioned by the Bank forParadise Avenue at Narwal Bala Jammu in 2012.
The investigationconducted by the Bureau has revealed that Paradise Avenue, a Partnershipproject of Hilal Rather; Dr Rizwan Raheem Dar of Sanant Nagar, Srinagar; GhulamMuhammad Bhatt of Baramulla; Daljeet Wadhera and Deepshikha Jamwal of Jammu wassanctioned a term loan of Rs 74.27 crore in the first phase and in relaxationto the credit policy of the Bank which restricts loan to a partnership firm atRs 40 core.
The loan was approved by the Board of Directors of theJ&K Bank despite the fact that Hilal Rather had entered into OTS with theState Financial Corporation.
The remaining loan amount was granted by the Board despitethe fact that the repayments of the first loan taken was not complete.
Hilal Rather was being questioned for the last few months bythe Bureau in connection with the case. It has also been revealed that thefunds diverted have been used to purchase properties in abroad, holidayingabroad and entertainment activities. The loans to tune of Rs 177 crore haveturned NPA.
In the chargesheet submitted by the CBI that furtherinvestigation on certain vital points including end use of funds, diversion offunds, role of officers of CHQ, Board of Directors and partners of the firmwith regard to all four term loans continues to establish role of other publicservants and private persons/partner and employees of the firms also to collectmore evidence against Rather, Singh and Kapur.
After completion of investigation the report will besubmitted before the court as supplementary chargesheet.