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CBI takes over investigation into Hilal Rather’s alleged loan fraud 3/5/2020 11:43:39 PM Early Times Report Jammu, Mar 5: The CBI has took over the investigation of a registered against Hilal Rather, the son of National Conference leader and former Jammu and Kashmir finance minister Abdul Rahim Rather on June 27, 2019 in alleged Rs 177-crore bank fraud case, officials said on Thursday. The central agency has taken over the case on the recommendation of the Anti-Corruption Branch of Jammu and Kashmir, they said. It is alleged that Rather had taken a loan from Jammu and Kashmir Bank for his ambitious township project, known as Paradise Avenue, at Narwal Bala in Jammu in 2012, they said. The account had turned non-performing asset in 2017, they said. It is alleged that the loan amount was diverted to be invested in properties in Dubai and America, sponsorship of a T20 cricket team of a company and hosting shows of a popular stand-up comedian. Citing reasons for shifting this case to CBI, sources told Early Times that the investigation conducted so far has unearthed an international ramification to the conspiracy with properties being purchased abroad by the accused person by suspect diversion of loan funds and use of unaccounted cash. “The investigation conducted till date also reveals that properties are spread out aboard and other parts of country too. The possibility of slashing of funds and diversion of funds to subversive elements cannot be ruled out”, a senior Officer of CBI told Early Times. He said that the case involves multitude of transactions running into hundreds of crores of rupees in the loan accounts and other large number of interconnected accounts while require the services of forensic auditor for analysis of the same. “Investigation each and every transaction in the various accounts is a time consuming jobs which require special expertise and large number of officers for which Anti Corruption Bureau (ACB) is not equipped with due to its limited resources”, the Officer added.   Share This News with Your Friends on Social Network     Comment on this Story

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