HSBC scam accused Nadeem Kashmir secures bail

A fast track court in Bangalore has ordered the release of Nadeem Kashmiri, who was accused of fraudulently diverting funds from HSBC account holders during June this year.

Kashmiri, 24, a former employee of HSBC’s off-shore centre in Bangalore, had been arrested by the police after he was accused of diverting 233,000 pounds from the accounts of HSBC customers by accessing their confidential information and passing it on to his associates in the UK.

However, Kashmiri has maintained that he is innocent and claimed that the police had not placed any material before the court to prove that he had transferred money from the bank accounts of the customers for his personal benefit. Kashmiri also claimed that the bank authorities had made him a scape-goat. Despite brain-mapping, polygraph and narco-analysis tests performed on him, Kashmiri claimed that the authorities had not collected any evidence against him.

Though the HSBC bank’s internal investigation had revealed that Kashmiri had accessed confidential information about its customers and passed the same to his associates, investigators admit that they have little information about these associates. The Corps of Detective (CoD), which is investigating the case, is corresponding with the UK police on the issue.

However, the fast track court ordered the release of Kashmiri on bail on the grounds that the offence with which he has been charged is bailable.

Meanwhile, the CoD officials said further investigation into the case depends on what information they get from the UK police.