CBI registers FIR in multi-crore loan scam involving ex-FM’s son

Portion of loan diverted for hosting TV, film celebrities, trips of cricket team to Sharjah Dubai for T-20 tournament: ACB probe

‘Suspected properties, bank accounts and investments in Dubai, USA’

Srinagar, Mar 05 : The investigation by the Anti- Corruption Bureau into multi-crore loan scam involving son of former Finance Minister Abdur Rahim Rather has revealed that loan funds were diverted for hosting shows of TV , film celebrities and taking  a cricket  team to Dubai/ Sharjah to play T-20 tournament.

Documents in possession of wire service—Kashmir News Observer(KNO), reveal that enquiry by ACB has revealed that that a portion of loan amount was utilized in wasteful expenditures like foreign tours, taking of Simula cricket team( a sister concern of M/S Paradise avenue) to Dubai/ Sharjah thrice for playing T-20 cricket tournament , sponsoring Kapil Sharma Show etc.

“These funds have been used for the purchase of expensive gift items, other personal purposes, holidaying abroad and hosting shows of TV and film celebrities,” reveals the CB investigation.

According to the probe, on rough estimates, there has been a diversion of Rs 15. 01 crore from the loan account of Paradise Avenue and Rs 11.64 crore from the Escrow account of the firm. The probe has further disclosed properties, bank accounts and investments in Dubai and USA suspected to be part of diversion of funds and deployment of unaccounted cash.

These suspected bank accounts, properties and investment are as follows: Bank Account Dubai Account No :(10530149132001), property – unit no.3006 at Sobha Hartland, Dubai, property- unit number 2515( in the name of his brother) at Sobha Hartland Dubai, property-unit number 3802 at Majestic Tower Sharjah, investment in Al-Ahli Saudi Trading Equity Fund, investment in Mashreeq Al-Islamic Income B and property-821 Uprock Drive , Cary North Carolina NC, 27519, USA.

According to documents lying with the KNO, the reason for transfer of the case to CBI is that “the investigation conducted so far has unearthed an international ramification to the conspiracy with properties being purchased abroad by the accused Hilal Rather by suspected diversion of loan funds and use of unaccounted cash”.

“Investigation conducted till date also reveals that properties are spread out abroad and other parts of country too. The possibility of stashing funds and diversion of funds to subversive elements cannot be ruled out,” reads the document. As already reported, the CBI on Wednesday registered FIR in the multi-crore loan scam—