CBI books son of former J-K finance minister in Rs 177-crore bank fraud case

The CBI has booked Hilal Rather, the son of National Conference leader and former Jammu and Kashmir finance minister Abdul Rahim Rather, in a 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..