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CBI Raids 8 Locations Over J&K Bank Scam Case

The case is registered from the year 2008 to 2010 when Jammu and Kashmir Bank decided to take office for the bank in Mumbai's Bandra Kurla Complex

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CBI has raided 8 places in the scam case related to Jammu and Kashmir Bank. The raids were carried out in Jammu, Srinagar and Mumbai at the locations of Directors of Jammu Kashmir Bank Board, MI Shaidad, Vikrant Kuthiala, then Chairman Haseeb Darabu and Executive Director AK Mehta.

Haseeb Darabu has also been the Finance Minister in the Mehbooba Mufti government of Jammu and Kashmir. In the raid, the CBI has seized documents related to the investigation, bank account details, lockers. In the same case, ED had also questioned former Jammu and Kashmir Chief Minister Omar Abdullah in the month of April.

This case is registered from the year 2008 to 2010 when Jammu and Kashmir Bank decided to take office for the bank in Mumbai's Bandra Kurla Complex. For this, the bank took out an advertisement in November 2008 that the bank needed 20,000 square feet of office in Bandra Kurla Complex, Mumbai.

25 builders approached the bank for the office out of which 8 builders Ashapura Builders (Hallmark Business Plaza), Topaz Akruti Crescenzo (BKC), Platin BKC, Naman Center, Golden Homeland Agencies (Wockhardt), Windsor and KRC Towers were shortlisted. Out of this, Ashapura Builders bid to give the building at the lowest price (25000 per sq ft). Not only this, in September 2009, Ashapura Builders said to give 30,000 square feet space on the third floor at just 22,500 per sq ft.

During this time there was no name of Akruti Gold anywhere. But later again the bank took out a new advertisement in January 2010, in which it talked about taking office (25000-30000 square feet) and flat. After this advertisement, 23 builders again approached the bank, in which Ashapura Builders again made the lowest bid i.e. Rs 25,000 square feet.

After this, the bank officials again inspected the building constructed by Akruti Gold Builder in the name of visiting the site in February 2010 and said that the building of Akruti Gold 26 is suitable for the bank. In September 2010, according to 26 thousand square feet, the bank made a deal for Rs 1,80,57,05,200 crore.

J&K Anti Corruption Bureau started investigation in this matter and found that the bank already has ample space in Mumbai and even if the space was required, the lowest bid was made by Ashapura Builders, despite this deal with Akruti Gold was done. Bank officials bought this unnecessary building to benefit the builder, bank and government official, whereas the bank already had a lot of space in Bandra Kurla, Mumbai.

In August 2021, the Jammu and Kashmir government decided to get the matter investigated by the CBI. After this, the CBI had registered a case against Akruti Gold Builders and other government officials on November 2021. In this case, the ED later started its investigation by registering a case of money laundering.

(Inputs from Agencies)