HDFC Bank Employees Booked for Multi-Crore Fraud in Shopian Branch

Strategic Insights -

The investigation into the multi-crore fraud committed by two HDFC Bank employees in the Shopian branch has led to the lodging of an FIR against the former branch managers, Irfan Zargar and Aadil Ayub. The alleged fraud, which surfaced in June this year, involved the diversion of funds using forged documents, fake signatures, and bogus receipts, resulting in at least 15 customers being defrauded of about ₹5 crore over five years.

Key Takeaways:

  • The bank's internal audit flagged serious discrepancies, revealing a mismatch between physical cash holdings and electronic records, which led to the detection of the fraud in June this year.
  • At least 15 customers were defrauded of about ₹5 crore over five years, with the fraud allegedly committed using forged documents, fake signatures, and bogus receipts.
  • The FIR accuses the former branch managers, Irfan Zargar and Aadil Ayub, of criminal breach of trust, cheating, forgery, and using a forged document or electronic record.
  • The case may be transferred to the Economic Offence Wing of the Crime Branch due to its inter-district ramifications and technical complexity.
  • A major discrepancy of ₹1.35 crore was found in the loan account of businessman Asim Iqbal Wani, Director of Freshman cold storage in neighbouring Pulwama.
  • The bank has suspended one of the accused managers, and customers are seeking justice, highlighting the need for accountability in the banking sector.
  • The internal audit revealed that the fraudulent activities had been ongoing since 2020, impacting multiple customers.

Statistics:

  • ₹5 crore: The amount allegedly defrauded from at least 15 customers over five years.
  • ₹1.35 crore: The discrepancy found in the loan account of businessman Asim Iqbal Wani.
  • 12 years: The duration during which the accused managers worked at the Shopian branch.
  • 2020: The year when the fraudulent activities allegedly started.
  • 2: The number of former branch managers accused in the FIR.

Sources:

  • The Kashmir Observer, dated June [no date provided]
  • Livemint, dated [no date provided]
  • Contify.com, dated 2025.