Five employees of HDFC Bank have been arrested for their alleged involvement in a large financial fraud at one of the bank’s branches in Jammu & Kashmir’s Shopian district, police officials said. The action was taken by the Economic Offences Wing of the Crime Branch after an investigation began based on a written complaint.
As part of the probe, officials carried out searches in Shopian and Budgam district, where they found important material linked to the case. The arrested bank employees are Adil Ayoub Ganai, Irfan Majeed Zargar, Mubashir Hussain Sheikh, Zaid Manzoor, and Javaid Ahmad Bhat.
According to investigators, the accused employees are suspected of misusing their official positions to carry out fraudulent financial transactions over a period of time. The fraud reportedly came to light after irregularities were noticed during an internal review and customer account verification process at the branch. Following this, a formal complaint was lodged, prompting the police to register a case and begin an investigation.
Preliminary inquiries suggest that the accused may have manipulated bank records and misappropriated funds by violating established banking procedures. Officials said the alleged fraud involved unauthorized withdrawals and transfers, causing significant financial loss. However, the exact amount involved is still being assessed as the investigation continues.
A police officer said that the police have taken important papers, computer records, and electronic devices from the bank branch and from the accused employees. These items are now being checked carefully to understand how big the fraud is and to find out if more people were involved in the case. While the exact details of the fraud and how it was carried out have not been revealed yet, authorities say the investigation is ongoing and more evidence is being collected.
Meanwhile, HDFC Bank has stated that it is cooperating fully with the investigating agencies. The bank has assured customers that their deposits are safe and that strict internal controls are in place. It has also initiated its own internal inquiry and suspended the accused employees pending the outcome of the investigation.
