Srinagar, March 6 – The Chief Judicial Magistrate (CJM) in Shopian district, Jammu and Kashmir (J&K), on Friday rejected the bail applications of five HDFC Bank officials who were allegedly involved in a major financial fraud case.
Officials said on Friday that in a significant development in a large-scale financial fraud case, the CJM Shopian court has rejected the bail applications of five officials of HDFC Bank who were arrested in connection with an alleged fraud at the Shopian branch.
The case is being investigated by the Economic Offences Wing (EOW) Kashmir of the Crime Branch Jammu and Kashmir, which has termed the development a major breakthrough in the ongoing investigation into the alleged financial irregularities.
The accused individuals 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, 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.
According to officials, the accused were arrested during the course of investigation and are currently in judicial custody at the Central Jail Srinagar.
During the hearing, the Additional Public Prosecutor Waseem Ahmad Shah, appearing on behalf of the Economic Offences Wing Kashmir, strongly opposed the bail applications. After hearing detailed arguments and examining the case records, the CJM Shopian 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), along with Section 66(C) of the Information Technology Act, at Police Station EOW Kashmir.
Officials of the Crime Branch stated that the Economic Offences Wing Kashmir remains committed to conducting a fair, transparent and merit-based investigation and will ensure that the case reaches its logical conclusion strictly in accordance with the law.