Bank fraud case: ED raids former J-K minister’s son Hilal Rather
The central probe agency has field a money laundering case against Hilal Rather and others, under the Prevention of Money Laundering Act (PMLA), taking cognisance of a CBI FIR and Income Tax Department probe against him and pertains to a ₹177-crore alleged bank fraud scam.
The Enforcement Directorate (ED) on Thursday launched multiple raids in connection with a money laundering case linked to an alleged bank fraud probe against Hilal Rather, son of former Jammu and Kashmir minister Abdul Rahim Rather, officials said.
They said the raids are being conducted at 16 locations in Kashmir, Jammu, Delhi and Ludhiana.
The central probe agency has field a money laundering case against Hilal Rather and others, under the Prevention of Money Laundering Act (PMLA), taking cognisance of a CBI FIR and Income Tax Department probe against him and pertains to a ₹177-crore alleged bank fraud scam.
The raids are aimed to gather more evidence, they said.
The CBI has alleged that Hilal Rather entered into a criminal conspiracy with the then officials of the J and K Bank to get loans of ₹177.68 crore(approx) in violation of rules and guidelines. His father, a former finance minister of the erstwhile state of Jammu and Kashmir, is a National Conference (NC) leader.