The Court of the Chief Judicial Magistrate in Shopian has rejected the bail applications of five officials of HDFC Bank who were arrested in connection with a large financial fraud case. The case is being investigated by the Economic Offences Wing (EOW) Kashmir of the Crime Branch, Jammu and Kashmir.
In a statement, a spokesperson said that the Economic Offences Wing Kashmir has made important progress in the investigation of the financial fraud case involving officials of HDFC Bank.
He said that the Chief Judicial Magistrate Court in Shopian rejected the bail applications of the accused who were arrested in connection with the financial fraud case at the Shopian branch of HDFC Bank.
According to the statement, the accused persons are:
- Adil Ayoub Ganai, son of Mohammad Ayoub Ganai, resident of Memendar, Shopian; also living 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.
- Javaid Ahmad Bhat, son of Abdul Rahim Bhat, resident of Below Rajpora, Pulwama.
Why were they arrested?
Officials in EoW said the fraud surfaced following a written complaint alleging financial irregularities at the Shopian branch of HDFC Bank. The enquiry revealed a discrepancy of approximately Rs 1.35 crore between the physical cash available in the branch vault and the balance reflected in the system ledger.
A formal complaint was filed and based on investigation, employees of HDFC Bank were arrested.
