Court in South Kashmir Rejects Bail Plea of 5 Bank Officials in Fraud Case

Srinagar: The Court of the Chief Judicial Magistrate (CJM) Shopian has rejected the bail applications of five officials of HDFC Bank who were arrested in connection with an alleged large-scale financial fraud case being investigated by the Economic Offences Wing (EOW) Kashmir of Crime Branch Jammu and Kashmir.

As per a statement, the Economic Offences Wing (EOW) Kashmir of Crime Branch J&K has achieved a significant breakthrough in the investigation of a large-scale financial fraud case involving officials of the Shopian branch of HDFC Bank.

“In a significant development, the Hon’ble Court of Chief Judicial Magistrate, Shopian, has rejected the bail applications of the accused persons arrested in connection with the large-scale financial fraud case at the Shopian branch of HDFC Bank,” the statement said.

The accused persons have been identified as 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, resident of Sheikh Mohalla, Bonigam, Shopian; Mubashir Hussain Sheikh, son of Ghulam Mohammad Sheikh, resident of Karena, Kulgam; Zaid Manzoor, son of Manzoor Ahmad Din, resident of Dagerpora, Khannabal, Anantnag; and Javaid Ahmad Bhat, son of Abdul Rahim Bhat, resident of Below Rajpora, Pulwama.

“The accused persons were arrested during the course of investigation and are presently lodged in judicial custody at Central Jail, Srinagar. The Learned Additional Public Prosecutor, Waseem Ahmad Shah, appearing on behalf of the Economic Offences Wing Kashmir, opposed the bail applications before the Hon’ble Court. After hearing detailed arguments and examining the case records, the Hon’ble Court rejected the bail plea in FIR No. 30/2025,” the statement said.

The case has been registered under Sections 316(5), 318(4), 336(3), 340(2) and 61(2) of the Bharatiya Nyaya Sanhita (BNS), read with Section 66(C) of the Information Technology Act, at Police Station EOW Kashmir.

“The Economic Offences Wing Kashmir of Crime Branch J&K remains determined to ensuring a fair, transparent and merit-based conclusion of the case in accordance with law,” the statement added.