Guwahati: The Assam Apex Bank scam refers to allegations of financial corruption involving the Assam Co-operative Apex Bank Ltd. (ACAB), a cooperative bank established in 1948.
Protests by Jatiya Yuva Sakti, the youth wing of the Assam Jatiya Parishad, and the subsequent arrest of journalist Dilwar Hussain Mozumder by Assam Police, who had questioned bank managing director Dombouru Saikia about the alleged scam, brought the issue into sharp focus.
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The allegations center around a purported Rs 50-crore scam linked to the bank’s top officials, including its chairman, Biswajit Phukan (an MLA), and managing director, Dombaru Saikia.
Jatiya Yuva Sakti accused these officials of financial misdeeds for personal gain.
Specific claims include a dramatic increase in banking infrastructure costs, rising from Rs 28 crores in 2018 to nearly Rs 50 crores in 2025, with Rs 14 crores allegedly funneled to the consultancy firm KPMG under questionable circumstances.
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Additionally, it’s been reported that since June 2024, the bank has operated without a formal contract with an IT vendor, raising concerns about security and operational integrity.
A complaint was reportedly filed with the Central Vigilance Commission on January 30, 2025, though the state government’s response has been criticized as inadequate.
The Assam government’s Cooperation Department issued a directive on March 3, 2025, instructing the Registrar of Cooperative Societies to investigate and submit a report within 15 days.
Adding to the controversy, a journalist, Dilwar Mozumder, was detained by Assam Police after questioning the bank’s managing director about the alleged scam, sparking accusations of suppression of press freedom.
The Assam Co-operative Apex Bank has a wide network of 67 branches and 6 zonal offices, managing deposit resources of over Rs 3474 crores and advancing Rs 1436 crores for development activities in the state.
Earlier allegations also surfaced that the Assam Co-operative Apex Bank orchestrated transactions amounting to a staggering Rs 20.3 crore between April 5 and June 20, in violation of Reserve Bank of India (RBI) guidelines.
The funds were allegedly funneled to North East Plantation and Commercial Private Limited, a company associated with Rajesh Bajaj, a figure previously scrutinized by the Central Bureau of Investigation (CBI) in connection with the Saradha chit fund scandal.
This financial saga unfolded with a series of payments made to Bajaj’s company, raising concerns. A substantial Rs 6 crore was transferred on April 5, followed by a notable Rs 3 crore on April 18, a generous Rs 2 crore on April 28, and a substantial Rs 4 crore on May 2. Additional payments of Rs 95 lakh on June 2, Rs 80 lakh on June 9, and a significant Rs 3.55 crore on June 20 followed.
These transactions were carried out under the dubious label of “Demand Bill Purchase,” a method explicitly prohibited by the RBI through a circular issued on July 1, 2015. Bajaj reportedly has close ties with the Apex Bank’s chairman, Biswajit Phukan, who is also a BJP MLA representing the Sarupathar constituency.