J&Okay Bank fraud case: ED raids former J-Okay minister’s son Hilal Rather


Tribune News Service

New Delhi, Aug 6

The Enforcement Directorate (ED) on Thursday performed searches at 16 areas in Jammu and Kashmir, Delhi and Ludhiana in reference to the J&Okay Bank rip-off wherein Hilal Rather, son of former Jammu and Kashmir Minister and National Conference (NC) chief Abdul Rahim Rather, is alleged to have been concerned, officers within the company stated.

Raids had been additionally performed on the residence of Hilal Rather in reference to the probe, the officers stated, including that the actions are geared toward accumulating extra evidences within the case.

The ED has filed a cash laundering case towards Hilal Rather and others, beneath the Prevention of Money Laundering Act (PMLA) after taking cognisance of a CBI FIR and Income Tax Department probe towards him that pertains to Rs 177-crore alleged financial institution fraud rip-off.

The CBI in its FIR has alleged that Hilal Rather entered right into a prison conspiracy with the then officers of the J&Okay Bank to get loans of Rs 177.68 crore (roughly) in violation of guidelines and pointers, the officers stated.

The Income Tax Department had final 12 months performed search and seizure operations on properties of Hilal Rather overlaying 4 premises within the Kashmir valley and 6 locations within the Jammu area.

The ED officers stated Hilal Rather had been beneath the scanner for concealing his revenue and likewise indulging in unlawful actions.

The Hilal Rather Business group is engaged in actual property and knowledge expertise and is accused of large-scale diversion and misappropriation of loans taken from J&Okay Bank, they added.

During the search, Income Tax detected that the Hilal has been given the unlawful advantages of Rs 60 crore by Jammu and Kashmir Bank. His excellent mortgage of Rs 190 crore was settled at Rs 130 crore, though he didn’t deserve any concession, the officers stated, including that the probe has revealed that in the course of the demonetisation interval the group firm had made money deposits of Rs 1.44 crore and it couldn’t clarify the supply of the cash.

 



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