Shopian Court Turns Down Bail Requests Of Five HDFC Bank Employees In Fraud Probe

The Chief Judicial Magistrate (CJM) Court in Jammu and Kashmir’s Shopian district on Friday dismissed the bail petitions of five HDFC Bank employees arrested for their alleged involvement in a major financial fraud case.

Officials said the accused were involved in a suspected fraud at the bank’s Shopian branch, and investigators are currently probing the matter.

The Economic Offences Wing (EOW) of the Crime Branch, Kashmir, is conducting the investigation.

Authorities described the rejection of the bail applications as a crucial step in the ongoing inquiry into the alleged financial wrongdoing.

Investigators suspect that the case involves significant irregularities in financial transactions, which prompted a detailed probe by the specialised unit.

The persons named in the case are Adil Ayoub Ganai, Irfan Majeed Zargar, Mubashir Hussain Sheikh, Zaid Manzoor and Javaid Ahmad Bhat.

Officials said investigators took the accused into custody during the probe after evidence reportedly linked them to the alleged fraud.

Authorities have lodged them in judicial custody at Central Jail Srinagar while the investigation continues.

Prosecution Strongly Opposes Bail

During the court hearing, Additional Public Prosecutor Waseem Ahmad Shah represented the Economic Offences Wing, Kashmir and firmly objected to the bail requests filed by the accused.

After listening to the arguments presented and examining the case documents, the CJM Shopian ruled against granting bail in relation to FIR No. 30/2025.

Police have registered the case under several provisions of the Bharatiya Nyaya Sanhita (BNS), including Sections 316(5), 318(4), 336(3), 340(2) and 61(2).

Police have also invoked Section 66(C) of the Information Technology Act due to allegations related to digital or identity misuse.

Officials from the Crime Branch stated that the Economic Offences Wing Kashmir remains committed to investigating impartially and transparently.

They added that the inquiry will proceed strictly according to legal procedures to ensure the case reaches its rightful conclusion under the law.

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