The Economic Offences Wing (EOW) Kashmir of Crime Branch J&K has arrested five employees of HDFC Bank in connection with a large-scale financial fraud, officials said on Wednesday.
The EOW also conducted searches at multiple locations in Shopian and Budgam districts in connection with the case registered last year under relevant provisions of the Bharatiya Nyaya Sanhita (BNS) and the Information Technology Act.
According to officials, the FIR invokes Sections 316(5), 318(4), 340(2), 61(2) and 336(3) of the BNS along with Section 66C of the IT Act, which pertains to identity theft and misuse of digital credentials.
Officials in EoW said the fraud surfaced following a written complaint alleging financial irregularities at the Shopian branch of HDFC Bank. The case was initially investigated by Police Station Shopian and later transferred to the Crime Branch J&K’s Economic Offences Wing for a comprehensive probe.
Those arrested by EoW have been identified as Adil Ayoub Ganai of Memendar, Shopian, presently residing at Hamza Colony Baghat-e-Kanipora, Nowgam; Irfan Majeed Zargar of Sheikh Mohalla Bonigam, Shopian; Mubashir Hussain Sheikh of Karena, Kulgam; Zaid Manzoor of Dagerpora Khannabal, Anantnag; and Javaid Ahmad Bhat of Below Rajpora, Pulwama.
Officials said the accused were apprehended for their alleged involvement in the offence.
Investigators on Wednesday conducted searches to collect documentary and digital evidence linked to the case.
During the initial probe, Shopian Police had collected records from bank authorities and recorded statements of relevant persons. The enquiry revealed a discrepancy of approximately Rs 1.35 crore between the physical cash available in the branch vault and the balance reflected in the system ledger.
Investigators found that the then Branch Manager allegedly facilitated fictitious cash deposit entries in connivance with other employees. The probe further revealed that a fake No Objection Certificate (NOC) was issued in favour of a firm falsely confirming adjustment of its loan account, and a communication was sent to the Estates Manager SIDCO Lassipora seeking removal of lien on mortgaged land.
Further findings had indicated that fictitious cash deposits were shown in multiple accounts, pointing to suspected criminal breach of trust, cheating and forgery.
