A district court in South Kashmir’s Shopian has rejected the bail applications of five HDFC Bank officials accused of a large-scale financial fraud, the Crime Branch announced on Friday.
A spokesperson for the Economic Offences Wing (EOW) said the Court of Chief Judicial Magistrate, Shopian, dismissed the bail pleas of the accused individuals arrested in connection with the fraud case at the Shopian branch of the bank.
The accused are 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.
The accused persons were arrested during the course of the investigation and are presently lodged in judicial custody at Central Jail, Srinagar, the EOW spokesperson said. On 18 February 2026, the EOW arrested five employees of HDFC Bank in connection with an alleged financial fraud at the Shopian branch.
Later that day, officials conducted searches across different locations in Shopian and Budgam in connection with FIR No. 30/2025, registered under relevant provisions of the Bharatiya Nyaya Sanhita and the IT Act. The agency stated that the case came to light following a written complaint alleging that a large-scale financial fraud was being committed by individuals at the Branch Unit Shopian of HDFC Bank.
"Searches were conducted at multiple locations in Shopian and Budgam to collect material evidence in the case,” the agency said. The EOW said it would continue to pursue all lawful measures to safeguard financial integrity and ensure accountability in the matter.
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