Srinagar, March 6: The Economic Offences Wing (EOW) Kashmir of Crime Branch J&K has made a significant breakthrough in a large-scale financial fraud case involving officials of HDFC Bank.
In a major development, the Hon’ble Court of Chief Judicial Magistrate (CJM), Shopian, has rejected the bail applications of five accused arrested in connection with the fraud at the Shopian branch of HDFC Bank.
The accused are:
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Adil Ayoub Ganai, S/o Mohammad Ayoub Ganai, R/o Memendar, Shopian; A/P Hamza Colony, Baghat-e-Kanipora, Nowgam
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Irfan Majeed Zargar, S/o Abdul Majeed Zargar, R/o Sheikh Mohalla, Bonigam, Shopian
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Mubashir Hussain Sheikh, S/o Ghulam Mohammad Sheikh, R/o Karena, Kulgam
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Zaid Manzoor, S/o Manzoor Ahmad Din, R/o Dagerpora, Khannabal, Anantnag
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Javaid Ahmad Bhat, S/o Abdul Rahim Bhat, R/o Below Rajpora, Pulwama
The accused were arrested during the investigation and are currently in judicial custody at Central Jail, Srinagar.
Additional Public Prosecutor Waseem Ahmad Shah, representing the EOW Kashmir, opposed the bail applications before the court. After detailed arguments and scrutiny of the case records, the CJM rejected the bail plea in FIR No. 30/2025.
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.
