The Supreme Court on Thursday refused bail to YSR Congress chief Jaganmohan Reddy in a case of amassing illegal assets,noting that his release could hamper investigation.
Without expressing any opinion on the merits,we feel that at this stage,the release of the appellant (Jagan) would hamper the investigation as it may influence the witnesses and tamper with the material evidence, said a Bench of Justices P Sathasivam and M Y Eqbal while referring to the details of cases,furnished by the CBI in its report and affidavit.
It added: We are of the view that the apprehension raised by the CBI cannot be lightly ignored considering the claim that the appellant is the ultimate beneficiary and the prime conspirator in huge monetary transactions.
Also accepting the CBIs request to grant it more time to complete the probe and not let Jagan out on bail until completion of the investigation,the court gave the probe agency four months to file its chargesheets in cases. CBI had claimed that its probe pertaining to Sandur Power,Bharati/Raghuram Cements,Dalmia Cements,India Cements and Kolkata-based suitcase companies allegedly sending money to Jagans companies including Lepakshi knowledge hub project and Indu Projects,were yet to be concluded.
The court also voiced its opinion that economic offences had to be treated on a different footing as it posed serious threat to the financial health of the country.
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, it said.
Jagan,a MP from Kadapa in Andhra Pradesh,has been lodged in jail since May 27,2012. He had challenged the state High Courts refusal of bail to him and claimed that the CBI was deliberately not completing the probe in order to prolong his custody.