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Friday, May 10

Economic offences need different approach in the matter of bail- Supreme Court


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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