Opposition parties in Assam have slammed the BJP-led state government over the alleged financial irregularities in the state’s leading cooperative bank and the “arbitrary” arrest of the journalist who was covering the protest.
Deputy leader of the Congress in the Lok Sabha and Assam MP, Gaurav Gogoi has written a letter to Prime Minister Narendra Modi seeking an “independent inquiry into the Assam State Co-operative Apex Bank, including a financial audit and review of its governance”.
He stated that the “misuse” of police powers in the “arbitrary arrest” of journalist Dilwar Hussain Mozumder “must be investigated to ensure accountability” because it is “imperative to safeguard press freedom and prevent the wrongful targeting of journalists reporting on matters of public interest”.
Gogoi, a three-term MP, said in his representation sent to Modi on March 28: “Media reports suggest that the bank has been operating without a formal contract with any IT vendor since June 2024, raising serious security and operational concerns.”
“Banking infrastructure costs allegedly surged from ₹28 crores in 2018 to nearly ₹50 crores in 2025... A complaint was reportedly submitted to the Central Vigilance Commission on January 30, but the state govermment has remained unresponsive. In a March 3 directive, the Assam government's Cooperation Department instructed the Registrar of Cooperative Societies to investigate the allegations and submit a report within 15 days. However, protestors dismissed this as a mere formality, alleging that the government was shielding those involved,” Gogoi said.
A BJP MLA, Biswajit Phukan, is the chairman of the bank while chief minister Himanta Biswa Sarma is one of the directors, according to its website.
The Congress, the Raijor Dal and the AJP have been protesting over the alleged irregularities and the subsequent arrest of Mozumdar. On Saturday, the Congress staged protests at the Rajiv Bhawan and burnt an effigy of Sarma.
Slamming the Assam police for having “misused the law” while arresting journalist Mozumdar, Assam Jatiya Parishad (AJP) spokesperson and secretary Ziaur Rahman claimed businessman Rajesh Bajaj, a person previously accused in the Saradha scam, “illegally withdrew ₹20.30 crore from Apex Bank's Ganeshguri branch between April and June 2023 through the bank’s ‘Demand Bill Purchasing’ system, which had already been banned by the Reserve Bank of India”.
“It has now been revealed that the total amount he withdrew was actually ₹60.30 crore out of which ₹30 crore was granted during 2019-20 when Himanta Biswa Sarma was the bank’s chairman... It must be verified whether Rajesh Bajaj withdrew the funds for his own use or on behalf of a powerful figure. If the chief minister has any sense of responsibility towards the people, he should immediately order the arrest and prosecution of Rajesh Bajaj,” Rahman said while seeking a high-level investigation in alleged irregularities.
Rahman said, “Initially, it appeared that the Apex Bank officials alone were behind the journalist's arrest to cover up corruption. However, when the chief minister devoted a full eight minutes of his public address on March 27 to justify Mozumdar’s arrest and level serious accusations against him, it became clear that the entire operation was politically motivated and orchestrated at the chief minister's behest...”
Established in 1948, the Assam Co-operative Apex Bank Ltd. (ACAB) has a wide network of 67 branches and 6 zonal offices, spread across the state, providing effective banking products and other related services to the general public.
The ACAB has mobilized deposit resources of ₹3,474 crore and has advanced over ₹1,436 crore (approx.) for various development activities in the state, according to its official website.
The bank is yet to issue an official statement on the developments.
