Excelsior Correspondent
Srinagar, Feb 18: The Crime Branch Kashmir today arrested five employees of HDFC bank in connection with an alleged financial fraud at Bank’s Shopian branch.
According to a statement issued here, searches were conducted in Shopian and Budgam in connection with FIR No. 30/2025, registered under relevant provisions of the Bharatiya Nyaya Sanhita and the IT Act.
Agency said that the case came to light following a written complaint alleging large-scale financial irregularities at the Branch Unit Shopian of HDFC Bank.
In compliance with directions from PHQ J&K, the matter was transferred from Police Station Shopian to the Crime Branch J&K for a comprehensive investigation.
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In connection with the case, five bank employees have been arrested so far, the EOW said.
They have been identified as Adil Ayoub Ganai, son of Mohammad Ayoub Ganai, resident of Memendar, Shopian and at present 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.
“Searches were conducted at multiple locations in Shopian and Budgam to collect material evidence in the case,” the agency said.
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The EOW said it will continue to pursue all lawful measures to safeguard financial integrity and ensure accountability in the matter.
Advocate Habeel said who represents victims told Excelsior: “It was a fraud of Rs 7-8 crore. In the latest development, the accused have been arrested. All are employees of HDFC Bank including two former managers – Irfan Majeed Zargar and Adil Ayoub Ganai – along with three other employees.”
“We now seek recovery of the defrauded amount along with interest for the victims,” he said.
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