No leniency for hardcore economic offenders, says SC
The Supreme Court once again reminded the High Courts not to show leniency to economic offenders for their fraudulent activities that are highly detrimental to the nation's economy.
When Delhi High Court granted bail to Nitin Johari, who was involved in money swindling case to the tune of Rs 20000 crores, the Supreme Court remarked that the High Court should not have done so.
It was a serious crime under the Company's Act investigated by the CBI. Accused Johari, who was holding a top post in the Bhushan Steek Limited, swindled Rs 20000 crores in connivance with other accused.
The High Court granted bail to him on the ground that another accused was not arrested as he was aged and another one was granted bail. The Supreme Court said it was a frivolous stand taken by the High Court to grant him bail though according to the investigation he was the key conspirator.
The accused in the crime had cheated nationalised banks and other financial institutions of crores of rupees and the case is still under investigation.
When the CBI filed a petition challenging the High Court order, the SC immediately granted a stay on it. So the accused continues to be in jail.
The SC severely criticised the Delhi HC for viewing a serious crime
very casually. In such crimes bail should not be granted. The HC should not have been influenced in any manner to enable the accused go out in bail, the SC observed.