How JK Bank benefited Hilal Rather with Rs 60 Crores? Asks PDP leader

Srinagar: PDP leader Engineer Nazir Yatoo has appealed J&K Governor Satya Pal Malik and Anti Corruption Bureau (ACB) to probe how J&K Bank ‘benefited’ Hilal Rather, son of ex Finance Minister Ab Rahim Rather with a whooping sum of Rs 60 crores.

Yatoo demanded that Income Tax Department must make details of tax evasion by Hilal Ahmad Rather public.

In a statement, Yatoo said that the income tax (I-T) department recently raided 20 business locations of Paradise Avenue Group, a construction company, and Simula Software, both promoted by Hilal Rather, son of former Finance Minister Abdul Rahim Rather.

“If these raids were conducted on the complaints that the promoters of the group had suppressed facts on various properties and loans taken from J&K Bank, the IT department must make the details public soon,” said Er Nazir Yatoo.

He further said that Hilal Rather has ‘concealed his income and indulged in illegal activities’.

“There are allegations of large-scale diversion and misappropriation of the loan taken by the group from J&K Bank, he said.

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He also urged upon Governor Satya Pal Malik and Anti Corruption Bureau (ACB) to probe how J&K Bank ‘illegally benefited’ Rather with Rs 60 crores as his outstanding loan of Rs 190 crore was settled at Rs 130 crore, as he did not deserve any concessional treatment.