Srinagar, Mar 06 : 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-scale financial fraud case being investigated by the Economic Offences Wing (EOW) Kashmir of Crime Branch Jammu and Kashmir.

In a statement issued to the news agency Kashmir News Observer (KNO), a spokesperson said the Economic Offences Wing (EOW) Kashmir of Crime Branch J&K has achieved a significant breakthrough in the investigation of a large-scale financial fraud case involving officials of HDFC Bank.

“In a significant development, the Hon’ble Court of Chief Judicial Magistrate, Shopian, has rejected the bail applications of the accused persons arrested in connection with the large-scale financial fraud case at the Shopian branch of the HDFC bank.”

He said, the accused individuals include: (1) Adil Ayoub Ganai, S/o Mohammad Ayoub Ganai, R/o Memendar, Shopian; A/P Hamza Colony, Baghat-e-Kanipora, Nowgam; (2) Irfan Majeed Zargar, S/o Abdul Majeed Zargar, R/o Sheikh Mohalla, Bonigam, Shopian; (3) Mubashir Hussain Sheikh, S/o Ghulam Mohammad Sheikh, R/o Karena, Kulgam; (4) Zaid Manzoor, S/o Manzoor Ahmad Din, R/o Dagerpora, Khannabal, Anantnag; and (5) Javaid Ahmad Bhat, S/o Abdul Rahim Bhat, R/o Below Rajpora, Pulwama.

“The accused persons were arrested during the course of investigation and are presently lodged in judicial custody at Central Jail, Srinagar. The Learned Additional Public Prosecutor, Waseem Ahmad Shah, appearing on behalf of the Economic Offences Wing Kashmir, opposed the bail applications before the Hon’ble Court. After hearing detailed arguments and examining the case records, the Hon’ble Court rejected the bail plea in FIR No. 30/2025,” he said.

The spokesperson further added, 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.

“The Economic Offences Wing Kashmir of Crime Branch J&K remains determined to ensuring a fair, transparent, and merit-based conclusion of the case in accordance with law.”—(KNO)