Ganderbal, May 1: In a major development, the Judicial Magistrate First Class (JMIC) Kangan, Mufti Nahida, has dismissed the bail applications of several individuals accused in a ₹35 crore financial fraud case. The accused remain in custody as the court cited the seriousness of the offences and the ongoing nature of the investigation.
The case, registered at Police Station Kangan, involves an alleged online financial scheme that defrauded numerous investors by promising high returns. Investigators have uncovered suspicious transactions across multiple bank accounts, with the total amount exceeding ₹35 crores.
During a recent search operation, authorities seized significant documentary and digital evidence, including bank passbooks, ATM cards, electronic devices, land records, and luxury items. It was also revealed that the accused operated through an unregistered platform, raising concerns about cyber fraud and money laundering.
The Learned Assistant Public Prosecutor (APP), Alyas Khawaja, strongly opposed the bail pleas, arguing that the offences are punishable with life imprisonment and that the investigation is at a crucial stage. He contended that releasing the accused could lead to tampering with evidence and undermine public trust in the judicial process. The APP further invoked Supreme Court precedent, stating that white-collar crimes of such magnitude must be treated with greater scrutiny.
In a detailed order, the court noted that the offences appear to be part of a “well-structured economic conspiracy” and stressed that more revelations are likely as the investigation unfolds. The judge ruled that granting bail at this stage would adversely impact the probe and compromise public interest.
The bail applications were thus dismissed as “devoid of merit,” with the court reiterating the seriousness of economic crimes and the need to uphold the integrity of the investigation.
