Excelsior Correspondent
SRINAGAR, May 1: In a significant development, the Court of Munsif Judicial Magistrate First Class (JMIC), Kangan, has rejected the bail applications of four accused persons involved in a massive online financial scam amounting to over Rs 35 crore.
The case has been registered under FIR No. 28/2025 at Police Station Kangan under Sections 318/4, 316/5, and 111 of the Bharatiya Nyaya Sanhita (BNS).
The accused namely—Shahnawaz Ahmed Shah (A J&K Bank employee), Rumaisa Begum, Ghulam Nabi Shah, and Dr Amir Bashir Magray, residents of Kangan, Gandebal are alleged to have lured vulnerable individuals into opening bank accounts on the false promise of participation in a share market related online scheme through a platform called RSN Auto Portal. These accounts were reportedly misused as mule accounts for illegal financial transactions spread across several states.
During the investigation, conducted by SHO Police Station Kangan, massive financial transactions were uncovered in the bank accounts linked to the accused. Shahnawaz Ahmed Shah’s account showed credits of Rs 3.18 crore; Dr. Amir Bashir Magray’s accounts showed Rs 76.66 lakh, with an additional Rs 1.46 crore revealed in further scrutiny. Rumaisa Begum’s account recorded credits of Rs 18.27 crore, and Ghulam Nabi Shah’s accounts reflected Rs 9.29 crore. The total discovered so far stands at approximately Rs 35 crore, with the possibility of further incriminating transactions emerging from ongoing analysis.
During investigation, police seized critical material from the residences of the accused. The recovered items include numerous bank passbooks, cheque books, ATM cards, credit cards, mobile phones, laptops, tablets, revenue extracts, gold, and cash.
Assistant Public Prosecutor (APP) Alyas Ahmed Khawaja, representing the prosecution, vigorously opposed the bail applications, submitting comprehensive objections before the Court. He argued that releasing the accused at this crucial stage would severely hamper the ongoing investigation, as they may influence witnesses, destroy digital and financial evidence, and derail the recovery of further stolen funds.
The Court, after considering the submissions and reviewing the evidence on record, dismissed the bail applications of all the four accused persons.
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