HDFC Bank refunds Rs 4.50 crore to depositors in Shopian fraud case

HDFC Bank has refunded approximately Rs 4.50 crore to 13 depositors following an investigation into alleged financial irregularities at its Shopian branch. The refund follows action by the Economic Offences Wing (EOW) Kashmir of the Crime Branch J&K.

The fraud case involved allegations of manipulated banking records, fictitious fixed deposits, and unauthorized financial transactions. During the investigation, the EOW identified five principal accused, including former branch managers and employees previously posted in Shopian and Pulwama. These individuals were arrested on February 18, 2026.

A chargesheet has been filed against 11 accused persons before the Court of the Chief Judicial Magistrate in Shopian. While the reimbursement provides relief to the affected customers, criminal proceedings and the judicial trial remain ongoing to determine the liability of the accused.