The Anti-Corruption Bureau (ACB) has arrested Hilal Rather, the son of former Jammu and Kashmir finance minister and senior National Conference leader Abdul Rahim Rather, on Thursday. Hilal had taken a loan of Rs 177 crore from Jammu and Kashmir (JK) Bank in the year 2012 but didn't return the money. The loan was also issued in violation of bank rules, in which the Anti-Corruption Bureau is also questioning many bank officials. Hilal Rather was also interrogated for several months and has now been taken into custody.

Hilal Rather took this loan to build Paradise Avenue township in narwal Bala, Jammu. Rather created a partnership firm called Paradise Avenue. In this Sanant Nagar became the partner of Dr. Rizwan Rahim Dar of Srinagar, Ghulam Mohammed Bhatt of Baramulla and Daljit Wadera and Deepshikha Jamwal Hilal Rather of Jammu. As per the rules of Jammu and Kashmir Bank, a partnership firm couldn't sanction more than forty crore rupees, but the then board of directors of the bank sanctioned a loan of Rs 74.27 crores for this firm in the first phase itself. Hilal Rather had earlier taken a loan from the State Financial Corporation and the corporation recovered the money one-time settlement if it had been not repaid. Despite its knowledge, the Bank's Board of directors had sanctioned a loan of 74.27 crores. Despite not paying the installment of this loan, the board later gave a loan of more than Rs 100 crore to Hilal Rather's firm and a loan of Rs 177 crore became NPA.

The loan was sanctioned from the New University campus branch of Jammu and Kashmir Bank. Hilal Rather also owns the Simula group of Company. The Anti-Corruption Bureau has been constantly questioning Rathor for the past several months to find out where the Rs 177 crore loan that Rathor had taken from the bank to create a Paradise Avenue was spent. Rather wasn't cooperating during the interrogation, so ACB detained him today. Initial inquiries have revealed that Rather bought property abroad with money from JK Bank. Apart from this, he spent crores of rupees on foreign trips with family and friends. The ACB is now interrogating Hilal Rather in custody to find out of these expenses and other investments. The case was investigated under the leadership of ACB officer Kamal Sangra.