The chargesheet was filed by CBI within 10 days of registration of FIR. (File)
In a major crackdown on corruption in Jammu and Kashmir, the Central Bureau of Investigation (CBI) filed a chargesheet before the special CBI Court at Jammu against three accused namely Hilal Ahmad Rather, son of senior National Conference leader and former Jammu and Kashmir Finance Minister Abdul Rahim Rather and his partnership firm M/s Paradise Avenue for defrauding Jammu and Kashmir Bank to the tune of Rs 177 crore.
The chargesheet also mentioned the two then bank officials Iqbal Singh and Arun Kapoor, both were the heads of New University Campus Branch of Jammu and Kashmir Bank.
The Jammu and Kashmir administration on February 28 had recommended CBI probe in the matter citing "international ramifications to the conspiracy with properties being purchased abroad by the accused."
The chargesheet was filed by CBI within 10 days of registration of FIR and the case was investigated by special investigation team.
The CBI had registered the case on March 4.
According to the sources, Hilal Ahmad Rather was arrested by anti-corruption branch of Jammu and Kashmir police on January 16 in connection with the same case but he had admitted himself to Government Medical College, Jammu citing health reasons.
During the CBI investigation, it was alleged that accused Hilal Ahmad Rather entered into criminal conspiracy with the then officials of Jammu and Kashmri Bank to get approximately Rs 177.68 crore loan sanctioned which is in violation of rules and guidelines.
The loans that were sanctioned for construction of flats were allegedly diverted and misappropriated by the accused Hilal Ahmad Rather using the bank accounts of his employees. It was further alleged that Hilal Ahmad Rather submitted forged certificates and bills to the bank.
The investigation further alleged that the bank officials did not verify the certificates and helped Hilal Ahmad Rather in siphoning off the loan amount and laundering of money. The bank officials allegedly overlooked the rules and guidelines of the bank.
Further investigation revealed acquisition of assets by the accused in India or abroad and efforts to identify other transactions are continuing.
The account was classified as non-performing asset (NPA) on December 31, 2017.
"Very soon agency will take custody of the accused and will also examine the bank officials of New University Campus branch, Jammu who had sanctioned the loan without proper verification," sources added.
Apart from Hilal Ahmad Rather, his partners in the firm- Rizwan Raheem Dar, Ghulam Mohd Bhatt, Daljeet Wadhera and Deepshikha Jamwal- are also being probed by the agency.