SRINAGAR, Mar 6: Court of Chief Judicial Magistrate, in Shopian rejected bail of five HDFC Bank officials who were arrested by the Economic Offences Wing (EOW) Kashmir of Crime Branch J&K in large-scale financial fraud case, officials said on Friday.
The EoW had arrested five HDFC officials in connection with the case registered last year and are currently lodged in judicial custody at Central Jail Srinagar.
The accused identified as 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 had applied for the bail application.
Officials said the Additional Public Prosecutor, Waseem Ahmad Shah, appearing on behalf of the Economic Offences Wing Kashmir, opposed the bail applications before the Court. After hearing detailed arguments and examining the case records, the Court rejected the bail plea.
The case was 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.
Officials in EoW said the fraud surfaced following a written complaint alleging financial irregularities at the Shopian branch of HDFC Bank. The case was initially investigated by Police Station Shopian and later transferred to the Crime Branch J&K’s Economic Offences Wing for a comprehensive probe.
During the initial probe, Shopian Police had collected records from bank authorities and recorded statements of relevant persons. 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. (Agencies)
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