The Anti-Corruption Bureau in J&K on Thursday arrested Hilal Rather, the son of senior National Conference leader and former finance minister A R Rather for alleged misappropriation of crores of rupees from term loans amounting to Rs 177 crore sanctioned by the Jammu and Kashmir Bank for the construction of his ambitious township project Paradise Avenue at Narwal Bala in Jammu in 2012.
The ACB said the loan was approved by the bank’s board of directors despite the fact that Hilal Rather had already entered into an OTS (One Time Settlement) — an agreement wherein defaulting borrowers agree to pay part of the dues in order to stop legal action — with the State Financial Corporation in the past. The remaining loan amount was granted by the bank’s board despite the fact that the repayments of the first loan was not complete.
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