Enforcement Directorate raided areas in Srinagar, Jammu, Delhi and Ludhiana
New Delhi:
The Enforcement Directorate (ED) on Friday claimed that Hilal Slightly, son of former Jammu and Kashmir minister Abdul Rahim Slightly, “siphoned off” cash loaned to his firm to splurge on overseas excursions and purchase private property in India, Dubai and the US.
The central probe company carried out raids at 17 areas in Srinagar, Jammu, Delhi and Ludhiana on Thursday in reference to a cash laundering probe in opposition to Hilal Slightly linked to an alleged Rs 177 crore mortgage fraud involving Jammu and Kashmir Financial institution.
“A number of incriminating paperwork and digital evidences have been seized throughout the search operations,” the ED mentioned in a press release issued on Friday.
It mentioned raids have been carried out on the premises of Abdul Rahim Slightly, former minister of finance, agriculture and rural improvement of the erstwhile state of Jammu and Kashmir and a Nationwide Convention (NC) chief, in Srinagar and that of his son in Jammu.
“A considerable a part of the mortgage was siphoned off by Hilal Slightly by transferring the funds from the mortgage account of Paradise Avenue (his firm) to numerous entities and re-routing the funds again to the agency’s present account from the place it was additional withdrawn and transferred for buy of movable and immovable property in India, Dubai and the US and likewise spent on overseas excursions and different private actions,” the ED alleged.
It added that three flats within the title of Hilal Slightly and relations have been “acquired in Dubai and one bungalow was acquired within the title of Hilal Slightly and his spouse in North Carolina, USA” by allegedly misusing the mortgage quantity.
The central probe company has filed a cash laundering case in opposition to Hilal Slightly and others, underneath the Prevention of Cash Laundering Act (PMLA), taking cognisance of a case filed by the Jammu and Kashmir anti-corruption bureau in opposition to him.
The CBI and the Revenue Tax Division too are probing him on this case.
The ED mentioned its probe discovered that a mortgage of Rs 177.68 crore was sanctioned by J-Okay financial institution, with out verifying paperwork and in violation of pointers of RBI, to Paradise Avenue for building of a residential housing undertaking in Jammu.
The CBI has alleged that Hilal Slightly entered right into a prison conspiracy with the then officers of the Jammu and Kashmir Financial institution to get loans of about Rs 177.68 crore in alleged violation of guidelines and pointers.
The I-T Division too had raided him in June final yr on fees of alleged tax evasion.
“Throughout the search, it was detected that the tax evader has been given unlawful good thing about Rs 60 crore by J&Okay Financial institution. His excellent mortgage of Rs 190 crore was settled at Rs 130 crore, though he didn’t deserve any concessional remedy,” the Central Board of Direct Taxes (CBDT) had then mentioned in a press release.
The CBDT is the policy-making physique for the I-T Division.
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