Excelsior Correspondent
SRINAGAR, Mar 6: The Court of Chief Judicial Magistrate (CJM), Shopian, rejected the bail applications of five officials of HDFC Bank arrested in connection with a large-scale financial fraud case.
Click here to watch video
The accused include Adil Ayoub Ganai, son of Mohammad Ayoub Ganai, a resident of Memendar, Shopian, presently residing at Hamza Colony, Baghat-e-Kanipora, Nowgam; Irfan Majeed Zargar, son of Abdul Majeed Zargar, a resident of Sheikh Mohalla, Bonigam, Shopian; Mubashir Hussain Sheikh, son of Ghulam Mohammad Sheikh, a resident of Karena, Kulgam; Zaid Manzoor, son of Manzoor Ahmad Din, a resident of Dagerpora, Khannabal, Anantnag; and Javaid Ahmad Bhat, son of Abdul Rahim Bhat, a resident of Below Rajpora, Pulwama.
According to Economic Offences Wing (EOW) Kashmir of the Crime Branch, which is investigating the matter, the accused were arrested during the course of investigation into an alleged large-scale financial fraud at the HDFC Bank branch in Shopian.
The officials are involved in the HDFC Bank Shopian branch, multi-crore fraud case that was uncovered by the Crime Branch.
At least 15 customers were defrauded of about Rs 5 crore over a period of five years. The fraud involved fake fixed deposits and unclosed loans, and two former managers have been arrested in connection with the case.
The officials are presently lodged in judicial custody at Central Jail Srinagar.
The bail applications were opposed by Additional Public Prosecutor Waseem Ahmad Shah, who represented the Economic Offences Wing Kashmir before the court.
After hearing detailed arguments and examining the case records, the court rejected the bail pleas in FIR No. 30/2025.
The case has been registered at Police Station EOW Kashmir under Sections 316(5), 318(4), 336(3), 340(2) and 61(2) of the Bharatiya Nyaya Sanhita (BNS), along with Section 66(C) of the Information Technology Act.
The Crime Branch said that it is continuing its investigation into the case and reiterated its commitment to ensuring a fair, transparent and merit-based conclusion in accordance with the law.
The post Court denies bail to 5 HDFC Bank officials in fraud case appeared first on Daily Excelsior.