The Supreme Court on Thursday declined to grant bail to YSRC president and MP Jagan Mohan Reddy in alleged illegal assets case.
Justice Sathasivam, who wrote the judgment, said, “Economic offences constitute a class apart and need to be visited with a different approach in the matter of bail. The economic offence having deeprooted 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.
“Taking note of all these facts and the huge magnitude of the case and also the request of the CBI asking for further time for completion of the investigation in filing the chargesheet(s), without expressing any opinion on the merits, we are of the opinion that the release of the appellant at this stage may hamper the investigation,” he said.
However, the judge directed the CBI to complete the investigation and file the chargesheet(s) within a period of 4 months. Thereafter, the appellant is free to renew his prayer for bail before the trial court, he added.
Dismissing Nimmagadda Prasad’s bail plea, Justice Sathasivam gave identical reasons for his decision.
With regard to Vijay Sai Reddy, Justice Sathasivam said, “We are of the view that the Special Judge committed an error in granting bail and the same was erroneously affirmed by the High Court.”
Without expressing any opinion on the merits of the case, the Bench directed the CBI to complete the investigation within a period of four months. Thereafter, the respondent is free to file a bail petition before the trial court, it added.
However, in view of the marriage of the daughter of Vijay Sai Reddy on May 26, the Bench directed him to surrender on or before June 5, 2013 before the Special Court.