Former Minister J&K Abdul Rahim’s son Rather embezzled loan money to travel and buy illegal assets abroad: ED

0


[ad_1]

The Directorate of Enforcement raided sites in Srinagar, Jammu, Delhi and Ludhiana

New Delhi:

The Directorate of Enforcement (ED) said on Friday that Hilal Rather, son of former minister of Jammu and Kashmir Abdul Rahim Rahim Rather, had “siphoned off” the money loaned to his company to splurge on tours abroad and acquire personal property in India, Dubai and the United States.

The Central Investigation Agency on Thursday raided 17 locations in Srinagar, Jammu, Delhi and Ludhiana as part of a money laundering investigation against Hilal Rather linked to alleged fraud on 177 crore loans rupees involving Jammu and Kashmir Bank.

“Several prosecution documents and digital evidence were seized during the search operations,” the ED said in a statement released Friday.

He indicated that raids had been carried out on the premises of Abdul Rahim Rather, former Minister of Finance, Agriculture and Rural Development of the former state of Jammu and Kashmir and leader of the National Conference (NC ), in Srinagar and in that of his son in Jammu.

“A substantial portion of the loan was embezzled by Hilal instead by transferring the funds from Paradise Avenue’s (his company) loan account to various entities and redirecting them to the company’s checking account from where they were then withdrawn. and transferred for the purchase of movable and real estate assets in India, Dubai and the United States and also spent on overseas travel and other personal activities, ”said the ED.

He added that three apartments in the name of Hilal Rather and members of his family were “acquired in Dubai and a bungalow was acquired in the name of Hilal Rather and his wife in North Carolina, United States” using allegedly abusively the loan amount.

The central investigative agency filed a money laundering complaint against Hilal Rather and others, under the Prevention of Money Laundering Act (PMLA), learning of a case filed by the Jammu and Kashmir anti-corruption bureau against him.

The CBI and the Income Tax Department are also investigating him in this case.

The ED said its investigation found that a loan of Rs 177.68 crore was sanctioned by JK Bank, without document verification and in violation of RBI guidelines, at Paradise Avenue for the construction of a residential housing project in Jammu.

The CBI alleged that Hilal Rather had entered into a criminal conspiracy with then-Jammu and Kashmir Bank officials to obtain loans of around Rs 177.68 crore in alleged violation of rules and guidelines.

The IT department had also raided it in June of last year on charges of alleged tax evasion.

“During the investigation, it was detected that the tax evader had received an illegal benefit of Rs 60 crore by J&K Bank. His outstanding loan of Rs 190 crore was settled at Rs 130 crore, although he did not deserved no concessional treatment, ”he added. The Central Commission for Direct Taxes (CBDT) then said in a press release.

The CBDT is the decision-making body of the DSI.

[ad_2]

Share.

Comments are closed.