The CBI has booked Hilal Rather, the son of National Conference leader and former Jammu and Kashmir finance minister Abdul Rahim Rather, in a Rs 177-crore bank fraud case, officials said on Thursday.
The central agency has taken over the case on the recommendation of the Anti-Corruption Branch of Jammu and Kashmir, they said.
It is alleged that Rather had taken a loan from Jammu and Kashmir Bank for his ambitious township project, known as Paradise Avenue, at Narwal Bala in Jammu in 2012, they said.
The account had turned non-performing asset in 2017, they said.
It is alleged that the loan amount was diverted to be invested in properties in Dubai and America, sponsorship of a T20 cricket team of a company and hosting shows of a popular stand-up comedian.
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