J&K: HDFC Bank refunds Rs 4.5 cr to 13 depositors in Shopian fraud case

SRINAGAR, Sept 15: HDFC Bank has refunded around Rs 4.50 crore to 13 depositors affected by a financial fraud uncovered at its Shopian branch by the Economic Offences Wing (EOW) of the Jammu and Kashmir Crime Branch, officials said on Tuesday.

The refunds followed a “swift and time-bound” investigation and prompt action by the EOW Kashmir in the case involving financial irregularities at the bank’s Shopian branch, the agency said in a statement.

The EOW said an FIR was registered under relevant provisions of the Bharatiya Nyaya Sanhita (BNS) and the Information Technology Act following a complaint regarding the irregularities. The case was subsequently transferred to the Crime Branch J&K on the directions of Police Headquarters for detailed investigation.

During the probe, EOW Kashmir identified five principal accused, including former branch managers and employees of HDFC Bank posted in Shopian and Pulwama. All five were arrested on February 18, 2026, the statement said.

The agency subsequently filed a chargesheet against 11 accused persons before the Court of the Chief Judicial Magistrate, Shopian, in May 2026.

The EOW said the refund to the affected depositors was facilitated following the investigation and action taken in the case.

Criminal proceedings against the accused are continuing before the competent court, the agency said. (Agencies)