HDFC Bank Fraud Case: Court Rejects Bail for Five Officials in Major Shopian Financial Scam

SHOPIAN, 06 March 2026 — In a significant legal victory for the Economic Offences Wing (EOW) Kashmir, the Court of the Chief Judicial Magistrate (CJM) in Shopian has officially rejected the bail applications of five HDFC Bank officials implicated in a large-scale financial fraud.

The accused—identified as Adil Ayoub Ganai, Irfan Majeed Zargar, Mubashir Hussain Sheikh, Zaid Manzoor, and Javaid Ahmad Bhat—were arrested following an intensive investigation by the Crime Branch of Jammu & Kashmir into illicit activities at the bank’s Shopian branch.

Currently lodged in judicial custody at Central Jail, Srinagar, the individuals face serious charges under the Bharatiya Nyaya Sanhita (BNS) and the Information Technology Act for their alleged roles in the multi-layered embezzlement scheme.

During the proceedings, Additional Public Prosecutor Waseem Ahmad Shah, representing the EOW Kashmir, strongly opposed the bail pleas, citing the gravity of the financial crimes and the ongoing nature of the probe.

After reviewing the case records under FIR No. 30/2025, the Hon’ble Court upheld the prosecution’s arguments, emphasizing the need for a thorough and unhindered investigation.

The case, which includes charges such as fraud, criminal breach of trust, and identity theft under Section 66(C) of the IT Act, underscores a broader crackdown on white-collar crime in the region.

The EOW Kashmir has reaffirmed its commitment to ensuring a transparent, merit-based conclusion to the case to protect the integrity of the local banking sector.