Kangan, May 1, KNT: A local court in Kangan has rejected the bail applications of four individuals allegedly involved in a multi-crore financial scam, citing the gravity of the offences and the fact that the investigation remains at a preliminary and sensitive stage.
The accused—Shahnawaz Ahmad Shah, an employee of J&K Bank; his sister Rumesa Begum; his brother-in-law Dr. Amir Bashir Magray; and his father Ghulam Nabi Shah—were denied bail by Judicial Magistrate 1st Class Mufti Nahida. The case pertains to FIR No. 28/2025, registered at Police Station Kangan under Sections 318(4), 316(5), and 111 of the Bharatiya Nyaya Sanhita (BNS).
According to police reports, the accused allegedly lured victims into an online investment scam by promising high returns. The complainant in the present case claimed he was misled by Shahnawaz into submitting personal documents and transferring Rs 5 lakh to an account linked to Shahnawaz’s father. Instead of receiving returns, the complainant noticed irregular activity, which led to the freezing of his bank account.
As per investigations reported by Kashmir News Trust, suspicious transactions totaling approximately Rs 35 crore were detected across multiple bank accounts linked to the accused: Rs 3.18 crore in the account of Shahnawaz Ahmad Shah, Rs 2 crore in Dr. Amir Bashir Magray’s account, Rs 18.27 crore in Rumesa Begum’s account, and Rs 9.29 crore in the account of Ghulam Nabi Shah.
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Learned APP Alyas Khawaja argued that the accused were operating an organized online scam involving the defrauding of individuals of large sums of money, constituting a serious economic offence undermining public trust and financial integrity. He submitted that granting bail at this stage would adversely affect the ongoing investigation and potentially lead to the tampering of evidence.
In response, defence counsel argued that bail is a legal right and claimed that the accused had been falsely implicated. However, the court sided with the prosecution, referencing Supreme Court case law emphasizing the special gravity attached to economic offences.
“The stage of investigation, the magnitude of the fraud, and the potential for tampering with digital and financial evidence make bail premature,” the court ruled, adding that releasing the accused at this point could prejudice the ongoing investigation.
Accordingly, the court dismissed the bail pleas, and the accused remain in custody as investigations continue. [KNT]
