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New Delhi:
The Enforcement Directorate (ED) on Friday claimed that Hilal Rather, son of former Jammu and Kashmir minister Abdul Rahim Rather, “siphoned off” cash loaned to his firm to splurge on international excursions and purchase private belongings in India, Dubai and the US.
The central probe company performed raids at 17 places in Srinagar, Jammu, Delhi and Ludhiana on Thursday in reference to a cash laundering probe towards Hilal Rather linked to an alleged Rs 177 crore mortgage fraud involving Jammu and Kashmir Bank.
“Several incriminating documents and digital evidences have been seized during the search operations,” the ED stated in an announcement issued on Friday.
It stated raids have been carried out on the premises of Abdul Rahim Rather, former minister of finance, agriculture and rural improvement of the erstwhile state of Jammu and Kashmir and a National Conference (NC) chief, in Srinagar and that of his son in Jammu.
“A substantial part of the loan was siphoned off by Hilal Rather by transferring the funds from the loan account of Paradise Avenue (his company) to various entities and re-routing the funds back to the firm’s current account from where it was further withdrawn and transferred for purchase of movable and immovable assets in India, Dubai and the US and also spent on foreign tours and other personal activities,” the ED alleged.
It added that three flats within the identify of Hilal Rather and relations have been “acquired in Dubai and one bungalow was acquired in the name of Hilal Rather and his wife in North Carolina, USA” by allegedly misusing the mortgage quantity.
The central probe company has filed a cash laundering case towards Hilal Rather and others, beneath the Prevention of Money Laundering Act (PMLA), taking cognisance of a case filed by the Jammu and Kashmir anti-corruption bureau towards him.
The CBI and the Income Tax Department too are probing him on this case.
The ED stated its probe discovered {that a} mortgage of Rs 177.68 crore was sanctioned by J-Ok financial institution, with out verifying paperwork and in violation of pointers of RBI, to Paradise Avenue for building of a residential housing venture in Jammu.
The CBI has alleged that Hilal Rather entered right into a legal conspiracy with the then officers of the Jammu and Kashmir Bank to get loans of about Rs 177.68 crore in alleged violation of guidelines and pointers.
The I-T Department too had raided him in June final 12 months on expenses of alleged tax evasion.
“During the search, it was detected that the tax evader has been given 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 deserve any concessional treatment,” the Central Board of Direct Taxes (CBDT) had then stated in an announcement.
The CBDT is the policy-making physique for the I-T Department.
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