J&K Bank fraud case: ED conducts searches at Ludhiana bizman’s house, office

The teams of ED carried out searches at the office and residences of a local industrialist to check the business dealings with Hilal Rather who is booked in a multi-core bank fraud case

Teams of Enforcement Directorate (ED) from Srinagar zone and Delhi raided the house and office of a Ludhiana-based businessman on Thursday in connection with a case against Hilal Rather, son of former Jammu and Kashmir finance minister.

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The teams of ED carried out searches at the office and residences of a local industrialist to check the business dealings with Hilal Rather who is booked in a multi-core bank fraud case.

The teams initially conducted searches at the businessman’s house in Sarabha Nagar and thereafter visited the factory unit located near Katani Chowk on Ludhiana-Chandigarh expressway and seized some documents from the premises. The team reportedly also visited the local J&K Bank Branch to collect some documents.

The ED team from Jalandhar had also joined the raid to exert pressure on the industrialist. Requesting anonymity, an ED official said that the raids were conducted at 16 locations in Jammu and Kashmir, Ludhiana and Delhi.

It was also stated that Hilal had routed the loan amount procured from J&K Bank in the Ludhiana-based company.

The central probe agency has filed a money laundering case against Hilal Rather and others, under the Prevention of Money Laundering Act (PMLA), taking cognizance of a CBI FIR and Income Tax Department probe against him that pertains to a ₹177-crore alleged bank fraud.

The raids are aimed to gather more evidence, the agency officials said.