Nimmagadda Prasad vs. Central Bureau of Investigation, Criminal Appeal No. 728 of 2013
(Arising out of S.L.P. (Crl.) No. 9706 of 2012), Decided on May 9, 2013
The
Hon’ble Supreme Court held that:
“Economic offences
constitute a class apart and need to be visited with a different approach in
the matter of bail. The economic offence having deep rooted conspiracies and
involving huge loss of public funds needs to be viewed seriously and considered
as grave offences affecting the economy of the country as a whole and thereby
posing serious threat to the financial health of the country.” [Para 28]
The
Court also observed:
“Unfortunately, in the
last few years, the country has been seeing an alarming rise in white-collar
crimes, which has affected the fiber of the country’s economic structure.
Incontrovertibly, economic offences have serious repercussions on the
development of the country as a whole”. [Para 26]
The
Court also noted following case laws:
State of Gujarat vs. Mohanlal Jitamalji Porwal and Anr. (1987)
2 SCC 364 the Court, while considering a request of the prosecution for
adducing additional evidence, inter alia, observed as under:-
“5.....The entire Community is aggrieved if
the economic offenders who ruin the economy of the State are not brought to
book. A murder may be committed in the heat of moment upon passions being
aroused. An economic offence is committed with cool calculation and deliberate
design with an eye on personal profit regardless of the consequence to the
Community. A disregard for the interest of the Community can be manifested only
at the cost of forfeiting the trust and faith of the Community in the system to
administer justice in an even handed manner without fear of criticism from the
quarters which view white collar crimes with a permissive eye unmindful of the
damage done to the national economy and national interest…
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