The CBI has filed a case against 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, the 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.
How A Maldivian Woman Spurning Kerala Cop Led To Fake ISRO Espionage Case CBI Arrests 2 More, Including A Candidate, In NEET Paper Leak Case CBI Raids 7 Locations In Gujarat Over NEET-UG Paper Leak Case Under-Fire Trainee IAS Officer Accuses Pune Collector Of Harassment What Trump Rally Shooter Did On Last Day Of His Life Meet Indian-Origin Usha Chilukuri Vance, Wife Of Trump's Vice President Pick Elon Musk To Move Companies Out Of California Over Transgender Law Four In Five Americans Fear Country Is Sliding Into Chaos: Polls Royal Enfield Guerrilla 450 Launched In India; Prices Start At Rs. 2.39 Lakh Track Latest News Live on NDTV.com and get news updates from India and around the world.