SRINAGAR, Mar 6: The Court of Chief Judicial Magistrate (CJM), Shopian, rejected the bail applications of five officials of HDFC Bank arrested in connection with a large-scale financial fraud case.
The accused include Adil Ayoub Ganai, son of Mohammad Ayoub Ganai, a resident of Memendar, Shopian, presently residing at Hamza Colony, Baghat-e-Kanipora, Nowgam; Irfan Majeed Zargar, son of Abdul Majeed Zargar, a resident of Sheikh Mohalla, Bonigam, Shopian; Mubashir Hussain Sheikh, son of Ghulam Mohammad Sheikh, a resident of Karena, Kulgam; Zaid Manzoor, son of Manzoor Ahmad Din, a resident of Dagerpora, Khannabal, Anantnag; and Javaid Ahmad Bhat, son of Abdul Rahim Bhat, a resident of Below Rajpora, Pulwama.
The officials are involved in the HDFC Bank Shopian branch, multi-crore fraud case that was uncovered by the Crime Branch. At least 15 customers were defrauded of about Rs 5 crore over a period of five years.
The fraud involved fake fixed deposits and unclosed loans, and two former managers have been arrested in connection with the case. The officials are presently lodged in judicial custody at Central Jail Srinagar.
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