Kangan, May 1: A local court in Kangan has rejected the bail applications of three individuals allegedly involved in a multi-crore financial scam, calling the offences grave and the investigation still at a preliminary and sensitive stage.
The accused—Shahnawaz Ahmad Shah, an employee of J&K Bank, his sister Rumesa Begum, and his brother-in-law Dr. Amir Bashir Magray were denied bail by the Judicial Magistrate 1st Class, Mufti Nahida, in connection with FIR No. 28/2025 registered at Police Station Kangan under Sections 318(4), 316(5), and 111 of the Bharatiya Nyaya Sanhita (BNS).
According to police reports, the accused allegedly lured victims into an online investment scam by promising high returns. The complainant claimed he was misled by Shahnawaz into providing personal documents and transferring Rs 5 lakh to an account linked to Shahnawaz’s family. However, instead of returns, the complainant discovered irregular activity leading to the freezing of his bank account.
The investigation revealed suspicious transactions totalling approximately Rs 35 crore across multiple bank accounts linked to the accused including Shahnawaz Ahmad Shah: Rs 3.18 crore, Dr. Amir Bashir Magray: Rs 76.66 lakh, Rumesa Begum: Rs 8.27 crore and Ghulam Nabi Shah (father of Shahnawaz): Rs 9.29 crore.
The prosecution argued that the accused were running an organised online scam, constituting a serious economic offence affecting public trust and financial stability. It was also noted that Rumesa, listed as unemployed, failed to explain the large sums in her accounts.
While the defence, represented by advocate Suhail Ahmad Mir, contended that bail is a legal right and the accused were falsely implicated, the court upheld the prosecution’s view, citing case law from the Supreme Court on the special gravity of economic offences.
“The stage of investigation, the magnitude of the fraud, and potential tampering with digital and financial evidence make bail premature,” the court ruled, adding that releasing the accused at this juncture could prejudice the ongoing investigation.
The bail pleas were therefore dismissed, and the accused remain in custody as the investigation continues. (KNT)
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