Srinagar: Syed Mohammad Altaf Bukhari, a leading political figure in Jammu and Kashmir, submitted his nomination papers on Wednesday, aiming to secure a return to the Legislative Assembly.
As he gears up for the upcoming Assembly elections, his recently filed affidavit reveals his substantial financial standing, with assets totaling around Rs 98 crores and a fleet of luxury vehicles. Bukhari is contesting from the Channapora constituency.
The affidavit filed by Bukhari today provides a comprehensive account of his assets and financial standing. According to the affidavit, Bukhari holds immovable assets valued at approximately Rs 51.27 crores, while his spouse possesses immovable assets worth Rs 12.46 crores. His moveable assets are equally impressive, featuring a total value of Rs 4.30 crores for himself and Rs 97.38 crores for his spouse. This includes high-end vehicles such as a Toyota Fortuner valued at Rs 24.42 lakhs and a Toyota Innova worth Rs 15.75 lakhs, alongside a modified Tata Mobile 207 valued at Rs 4.82 lakhs. His personal cash holdings amount to Rs 34,000, with his spouse holding Rs 42,000.
The affidavit further discloses significant holdings in gold, jewelry, and other valuables. Bukhari's personal collection includes watches and valuables worth Rs 1.66 lakhs, while his spouse's ornaments and other valuables are valued at approximately Rs 1.25 crores. The combined gross total value of their assets stands at approximately Rs 98 crores, reflecting the substantial affluence that accompanies his political career.
Bukhari's income tax returns (ITRs) for the past five years provide additional insights into his financial status. The ITR filings reveal a steady increase in his declared income over recent years. For the fiscal year 2019-20, Bukhari's declared income was Rs 17.14 lakhs. This figure saw a notable rise in the following years, with declared incomes of Rs 9.30 lakhs in 2020-21, Rs 26.15 lakhs in 2021-22, Rs 18.18 lakhs in 2022-23, and Rs 22.44 lakhs in 2023-24. This upward trend in his declared income complements the substantial wealth highlighted in his affidavit.
Bukhari's political journey is marked by strategic moves and influential roles. His ascent began with a significant victory on the mandate of Peoples Democratic Party in the 2014 Assembly elections from the Amira Kadal constituency, where he secured 11,726 votes and defeated National Conference's Nasir Aslam Wani by a margin of 5,341 votes.
His tenure as a legislator included crucial ministerial roles within the Mufti Mohammad Sayeed-led PDP-BJP coalition government. He initially served as Roads and Buildings Minister, where he was responsible for overseeing infrastructure projects across Jammu and Kashmir. His tenure as Minister for Floriculture, Gardens, and Parks involved efforts to enhance the state's horticultural and recreational facilities, contributing to the region's tourism sector.
In February 2017, Bukhari was appointed as the Minister for Education, where he focused on reforms aimed at improving the quality of education in Jammu and Kashmir. His later role as Minister for Finance, Labour, and Employment in March 2018 saw him managing the state's financial resources and employment policies.
Despite his notable achievements, Bukhari's political trajectory faced a challenge in June 2018 when the BJP-PDP coalition government dissolved. Although he was considered a consensus candidate for Chief Minister, backed by various political parties, he did not secure the position. This period marked a turning point in his career, prompting him to explore new avenues and political strategies.
In a pivotal move, Bukhari founded the Jammu and Kashmir Apni Party (JKAP) in March 2020, marking a new phase in his political career. This move came after his expulsion from the PDP and this allowed him to redefine his political strategies and expand his influence.
Under Bukhari's leadership, the JKAP has actively engaged with various political leaders and groups, including those associated with the Hurriyat Conference. Recent efforts to include senior separatist leaders, such as those linked with Masroor Abbas Ansari.
Before entering politics, Bukhari was deeply involved in the family-run FIL Industries Limited, a major conglomerate established by his father, Syed Mohammad Iqbal Bukhari. The company operates across sectors such as agriculture, food and beverages, tourism, hospitality, and infrastructure development. Under Bukhari's leadership, FIL Industries expanded its operations and introduced significant innovations, including controlled atmosphere storage (CAS) technology in Kashmir.
Bukhari's political trajectory has been marked by his strategic alignment with the Bharatiya Janata Party (BJP), reflecting a significant shift in Jammu and Kashmir's political landscape. After his tenure with the Jammu and Kashmir Peoples Democratic Party (PDP) and subsequent founding of the Jammu and Kashmir Apni Party (JKAP), Bukhari has cultivated a close relationship with the BJP. This alliance has drawn significant criticism from opposition parties. PDP chief Mehbooba Mufti has accused Bukhari's Apni Party of being involved in illicit financial activities, alleging that the party supports a network engaged in Hawala transactions from Pakistan, purportedly funding militancy in Kashmir.
"I am surprised that the BJP, which is claiming to be nationalist, is supporting the party that is involved in Hawala funding and has a direct role in bloodshed," Mehbooba had said during Lok Sabha elections this year, hinting at Bukhari's involvement. She had also criticized the BJP for backing a party allegedly tied to separatist funding and violence.
On the other hand, Bukhari has framed his political stance as a patriotism-driven campaign, stating, "The BJP seeks votes in the name of Modi, the National Conference in the name of Sheikh Abdullah, the Congress in the name of the Gandhis and Nehru, and the PDP in the name of Mufti sahab. Altaf Bukhari's party is the only one that seeks votes in the name of the nation. I seek votes in the name of Hindustan."
Despite these assertions, the Apni Party has faced challenges in distancing itself from accusations of being the BJP's "B team," particularly after it distanced itself from the BJP in August and promised statehood restoration in its manifesto for the upcoming assembly polls.
In an effort to establish a distinct identity, Apni Party General Secretary Rafi Ahmad Mir addressed the issue last month, stating that their rivals had previously succeeded in portraying the party as closely aligned with the BJP. “Our opponents have managed to depict us as the BJP’s ‘B-team’ in the public's eye,” Mir said.
“To clarify, we are not associated with the BJP. Moving forward, we aim to focus on the true sentiments of the people of Jammu and Kashmir.” Formed in March 2020 shortly after the abrogation of Article 370 in August 2019, the Apni Party primarily consists of former ministers and legislators from the Peoples Democratic Party.
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