The Jammu and Kashmir High Court here on Friday denied bail to Hilal Rather, son of senior National Conference leader and former Finance Minister A R Rather, in the alleged Rs 177 crore fraud with Jammu and Kashmir Bank.
Rejecting the bail application, Justice Puneet Gupta observed that the accused faces charges which are of serious nature. Pointing out that each case has to be decided on its own merits, Justice Gupta observed that the bail cannot be granted on mere asking of the accused, not can the accused claim it as a matter of right.
Hilal Rather was arrested early this year for alleged misappropriation of term loans sanctioned by the Jammu and Kashmir Bank which run into Rs 177 crore, according to the prosecution. The loans were sanctioned in favour of Hilal by the bank in 2012 for construction of apartments in Jammu, but he allegedly used the loan amount for purchasing properties and trips abroad and did not repay the loan amount which later became NPA, it added.