HDFC Bank fraud case: EOW, Kashmir conducts raids in Shopian, Budgam, five employees held

Srinagar, Feb 18: The Economic Offences Wing, Kashmir of Crime Branch J&K on Wednesday said to have arrested five employees of HDFC Bank in connection with a major financial fraud at its Shopian branch, officials said.
They said, acting on FIR No. 30/2025, they are carrying out searches across Shopian and Budgam districts as part of an ongoing investigation into the alleged large-scale embezzlement.
In a statement, a spokesperson said the Economic Offences Wing (EOW), Kashmir of Crime Branch J&K is conducting searches in the districts of Shopian and Budgam in connection with case FIR No. 30/2025, registered under the relevant provisions of the Bharatiya Nyaya Sanhita and the IT Act at Police Station EOW Kashmir, Crime Branch J&K.
He said, the matter came to light following a written complaint regarding large-scale financial fraud at Branch Unit Shopian of HDFC Bank.
“In compliance with the directions of PHQ J&K, the case was transferred from Police Station Shopian to the Crime Branch J&K for comprehensive investigation.”
The spokesperson said in connection with the case, five bank employees have been arrested so far. The arrested employees are: Adil Ayoub Ganai, S/o Mohammad Ayoub Ganai, R/o Memendar, Shopian; A/P Hamza Colony, Baghat-e-Kanipora, Nowgam; Irfan Majeed Zargar, S/o Abdul Majeed Zargar, R/o Sheikh Mohalla, Bonigam, Shopian; Mubashir Hussain Sheikh, S/o Ghulam Mohammad Sheikh, R/o Karena, Kulgam; Zaid Manzoor, S/o Manzoor Ahmad Din, R/o Dagerpora, Khannabal, Anantnag and Javaid Ahmad Bhat, S/o Abdul Rahim Bhat, R/o Below Rajpora, Pulwama.”
“Searches are presently underway at multiple locations in Shopian and Budgam to collect material evidence in the case. The Economic Offences Wing, Kashmir will continue to pursue all lawful measures to safeguard financial integrity,” said the spokesperson. (KNO)