Srinagar, March 6, 2026 : A court in Shopian has rejected the bail applications of five officials of HDFC Bank who were arrested in connection with a major financial fraud case.
Officials said the Court of Chief Judicial Magistrate, Shopian, denied bail to the accused after hearing arguments from the prosecution and examining the case records. The five bank officials were arrested by the Economic Offences Wing Kashmir of the Crime Branch Jammu and Kashmir last year and are currently lodged in judicial custody at Central Jail Srinagar.
The accused include Adil Ayoub Ganai, a resident of Memendar Shopian presently residing at Hamza Colony Baghat-e-Kanipora Nowgam; Irfan Majeed Zargar of Sheikh Mohalla Bonigam Shopian; Mubashir Hussain Sheikh of Karena Kulgam; Zaid Manzoor of Dagerpora Khannabal Anantnag; and Javaid Ahmad Bhat of Below Rajpora Pulwama.
According to officials, the bail plea was strongly opposed by Additional Public Prosecutor Waseem Ahmad Shah, who appeared on behalf of the Economic Offences Wing Kashmir. After considering the submissions, the court rejected the applications.
The case has been registered under Sections 316(5), 318(4), 336(3), 340(2), and 61(2) of the Bharatiya Nyaya Sanhita, along with Section 66(C) of the Information Technology Act, 2000, at Police Station EOW Kashmir.
Officials said the alleged fraud came to light following a written complaint pointing to financial irregularities at the Shopian branch of HDFC Bank. The case was initially investigated by Shopian Police before being transferred to the Crime Branch’s Economic Offences Wing for a detailed probe.
During the preliminary investigation, police collected relevant bank records and recorded statements of concerned individuals. The enquiry reportedly revealed a cash discrepancy of around ₹1.35 crore between the physical cash available in the bank’s vault and the amount reflected in the system ledger.
Officials said further investigation in the case is ongoing.
