JAMMU, Mar 6 : In a major setback to the accused in a multi-crore financial fraud case, a local court here has rejected the bail applications of five officials of HDFC Bank’s Shopian branch, who were arrested by the Economic Offences Wing (EOW) of Crime Branch Jammu and Kashmir.
Chief Judicial Magistrate (CJM) Shopian dismissed the bail pleas of the accused, who are currently lodged in judicial custody at Central Jail Srinagar. They were arrested following a detailed investigation into large-scale embezzlement and manipulation of bank records, officials said.
The accused have been identified as Adil Ayoub Ganai of Shopian, Irfan Majeed Zargar of Bonigam, Mubashir Hussain Sheikh of Kulgam, Zaid Manzoor of Anantnag, and Javaid Ahmad Bhat of Pulwama.
Additional Public Prosecutor Waseem Ahmad Shah, appearing for the EOW Kashmir, strongly opposed the bail petitions, citing the gravity of the offence and the need for sustained custodial interrogation to unearth the larger conspiracy, the officials said.
The case, registered as FIR No. 30/2025 at Police Station EOW Kashmir, involves charges under several sections of the Bharatiya Nyaya Sanhita (BNS), including Sections 316(5) (criminal breach of trust by a banker), 318(4) (cheating), 336(3) (forgery), 340(2) (fabricating false documents), and 61(2) (criminal conspiracy). Provisions of Section 66(C) of the Information Technology Act (identity theft) have also been invoked, they added.
Official sources said the probe has revealed a well-planned modus operandi involving siphoning of funds and tampering with digital records at the bank branch. The EOW has termed the rejection of bail a significant breakthrough in the case and reiterated its commitment to ensuring a transparent and lawful conclusion of the investigation. (KNS)
