Excelsior Correspondent
SRINAGAR, July 21: High Court declined to grant bail to a bank official and other three persons in a cheating and cyber fraud case citing the allegations are serious and investigation is at infancy stage.
Justice Sanjay Dhar refused to grant bail to a JK Bank employee working as probationary office in branch Kangan, Ganderbal and other three persons involved in luring masses into cyber fraud.
“In the instant case, as already stated, the investigation of the case is still in progress and is nowhere near completion. The allegations against the petitioners are serious in nature. Therefore, it is not a case where the petitioners despite being involved in a grave can be enlarged on bail at this stage even though there is no statutory bar in granting such relief in their favour”, the court concluded.
According to the Investigating Agency, the petitioners have lured poor and young people into cyber fraud promising them double returns and they have deceived a large number of people and the investigation is going on so as to determine the source of these funds.
According to the prosecution, a fake online trading platform @RSN website has been set up by the accused which is not registered or approved by the Government and FIR No.05/2025 for offences under BNS stands registered against accused/ petitioners with Cyber Police Station, Srinagar.
“The petitioners are involved in serious and grave economic offences and their activities show a systematic and organized criminal conspiracy wherein several individuals including bank officials have misused their official positions to lure victims with false promise of high returns.”
The Income Tax Department has also been informed regarding huge online banking transactions in which the petitioners have indulged and the provisions contained in Section 4 of PMLA are also to be invoked and the investigation is stated to be still going on.
As per case of the Investigating Agency, there are thousands of other victims whose statements are yet to be recorded and the investigation in this regard is still in progress. Therefore, not only the investigation of the case is still in progress but the material on record collected by the Investigating Agency so far points towards a huge financial/cyber fraud that was being perpetrated by the petitioners in concert with others.
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