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ACB arrests NC chief’s son over alleged financial institution fraud

Srinagar, Jan 16:
The Anti-Corruption Bureau (ACB) in Jammu and Kashmir on Thursday arrested
Hilal Fairly, son of Nationwide Convention chief and previous finance minister
Abdul Rahim Fairly, in a financial institution fraud case involving Rs 177 core.

“Hilal
Fairly was once arrested via the Anti-Corruption Bureau (ACB) Jammu these days in a case
associated with the alleged misappropriation of crores of rupees from the time period loans
operating into Rs 177 Crores sanctioned via Jammu and Kashmir Financial institution for his
bold township venture referred to as Paradise Road at Narwal Bala Jammu within the
12 months 2012,” an ACB spokesman mentioned.

Hilal”s father
Abdul Rahim Fairly was once the finance minister of the erstwhile state in 2012 when
the mortgage was once taken from the financial institution.

Consistent with the
professional commentary, “ the  investigation performed via the Bureau has
printed that Paradise Road, a Partnership Fear of Hilal Fairly, Dr Rizwan
Raheem Dar of Sanant Nagar Srinagar, Ghulam Mohd Bhatt of Baramulla Kashmir,
Daljeet Wadhera and Smt. Deepshikha Jamwal of Jammu was once sanctioned a time period mortgage
of Rs 74.27 crores within the first section and in rest to the credit score coverage of
the financial institution which restricts mortgage to a partnership company at Rs 40 crores and the
mortgage was once authorized via the Board of Administrators of the J&Ok Financial institution when Hilal
Fairly although he had already entered right into a OTS with the State
Monetary Company prior to now. The rest mortgage quantity have been granted via
the Board although the repayments of the primary mortgage
taken  was once now not whole”.      

Hilal Fairly, who
additionally owns Simula Staff of Firms, was once being puzzled for the previous couple of
months via the Bureau in reference to the siphoning off crores of rupees from
the  mortgage quantity sanctioned via the New College Campus Department of
J&Ok Financial institution for the development of Apartments beneath the identify of Paradise Road.

He has been
evading main points of assets raised & others transaction associated with
siphoning of budget supposed for development.

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