Is Omar Abdullah in trouble after he was quizzed on J&K Bank’s Mumbai property purchase?

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Former Chief Minister of Jammu and Kashmir, Omar Abdullah, was questioned by the Enforcement Directorate (ED) in Delhi on Thursday about a key property of the Jammu and Kashmir Bank Ltd (JKB) purchased allegedly in violation of rules and for an exorbitant price in 2010.

While the principal investigation lies with the Central Bureau of Investigation (CBI), ED’s questioning of Omar is an indication of some bank accounts and properties of the alleged beneficiaries being attached.  According to a preliminary enquiry (PE) conducted by J&K Government’s Anti-Corruption Bureau (ACB), the 10-floor building at Mumbai’s Bandra Kurla Complex (BKC) was purchased when Omar was J&K’s Chief Minister.

The investigation reveals that the deal was struck with the property owner Akruti Gold BKC and token money of Rs 25 crore paid to the developer Vishal Techno Commerce Ltd when Haseeb Drabu was the Bank’s chairman. Subsequently a conveyance deed was registered on 18 September 2010 against a total sale consideration of Rs 180.57 crore when senior IAS officer and then Finance Secretary Sudhanshu Pandey was interim chairman.

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