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TMI Blog2013 (5) TMI 896X X X X Extracts X X X X X X X X Extracts X X X X ..... BI asking for further time for completion of the investigation in filing the charge sheet(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. However, we direct the CBI to complete the investigation and file the charge sheet(s) within a period of 4 months from today. Thereafter, as observed in the earlier order dated 05.10.2012, the appellant is free to renew his prayer for bail before the trial Court and if any such petition is filed, the trial Court is free to consider the prayer for bail independently on its own merits without being influenced by dismissal of the present appeal. - CRIMINAL APPEAL NO. 730 OF 2013 (Arising out of S.L.P. (Crl.) No. 3404 of 2013) - - - Dated:- 9-5-2013 - P. SATHASIVAM M.Y. EQBAL JJ. JUDGMENT P.Sathasivam, J. 1) Leave granted. 2) This appeal is directed against the final judgment and order dated 24.01.2013 passed by the High Court of Judicature of Andhra Pradesh at Hyderabad in Criminal Petition No. 8750 of 2012 in R.C. 19(A)/2011-CBI-Hyderabad, whereby the High Court dismissed the petition filed by the appellant herein for grant o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... red the bribe money by routing it through various individuals and companies and getting investments made by them in his companies at a high premium. (d) On 31.03.2012, 23.04.2012 and 07.05.2012, the CBI filed first, second and third charge sheet(s) respectively before the Special Judge for CBI Cases, Hyderabad and the appellant was arrayed as A-1 in all the charge sheets. The Principal Special Judge for CBI Cases took cognizance of the charge sheet dated 31.03.2012 which was numbered as CC No. 8 of 2012. The appellant was arrested on 27.05.2012 for his involvement and complicity in the case and presently, he is in judicial custody. On 29.05.2012 and 30.05.2012, the Principal Special Judge for CBI Cases took cognizance of second and third charge sheet(s) which were numbered as CC Nos. 9 and 10 of 2012 respectively. (e) On 29.05.2012, the appellant filed Crl. M.P. No. 1055/2012 in CC No. 8 of 2012 before the Court of the Special Judge for CBI Cases at Hyderabad for grant of regular bail under Section 437 of the Code of Criminal Procedure, 1973 (in short the Code ). The Special Judge, by order dated 01.06.2012, dismissed his application for bail. (f) The CBI filed Crim ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e High Court for grant of bail which came to be dismissed on 24.12.2012. Being aggrieved, the appellant preferred Criminal Petition No. 8750 of 2012 before the High Court. The High Court, by order dated 24.01.2013, dismissed the petition filed by the appellant herein. (m) Being aggrieved by the order of the High Court, the appellant herein has preferred this appeal by way of special leave. 5) Heard Mr. Harish N. Salve, Mr. Mukul Rohatgi and Mr. K.V. Vishwanathan, learned senior counsel for the appellant- accused and Mr. Ashok Bhan and Mr. Mukul Gupta, learned senior counsel for the respondent-CBI. 6) The CBI has filed a counter affidavit dated 06.05.2013, sworn by a senior officer, namely, Deputy Inspector General of Police and Chief Investigating Officer in RC No. 19(A)/2011-CBI-HYD and has furnished various information such as allegations against the appellant, companies/persons involved, investigation conducted so far and progress of the investigation with regard to certain companies/persons. During the course of hearing, the CBI also circulated the Status Report in respect of the FIR being No. 19(A)/2011-CBI-HYD regarding 7 issues mentioned in the order of this Cour ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ge. The special leave petition is, accordingly, dismissed. It will be, however, open to the petitioner to renew his prayer for bail before the trial court on completion of the investigation by the CBI on the issues as indicated above and submission of the final charge-sheet. In case, such a prayer is made, the Court shall consider the prayer for bail independently, on its own merits, without being influenced by the dismissal of the special leave petition. SLP(Crl.)No.5946 of 2012 Put up after two weeks. 8) Mr. Ashok Bhan, learned senior counsel for the CBI, by pointing out the penultimate paragraph in the order dated 05.10.2012, i.e., It will be, however, open to the petitioner to renew his prayer for bail before the trial Court on completion of the investigation by the CBI on the issues as indicated above and submission of the final charge-sheet , submitted that in view of the fact that the investigation is still continuing in respect of the transaction(s) with certain companies/persons, the present application for bail is not maintainable. 9) It is relevant to note that in the order dated 05.10.2012, this Court noted the statement made by learn ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y Sai Reddy (A-2) and Puneet Dalmia, M/s Dalmia Cements (Bharat) Ltd. sold of their stake in M/s Raghuram Cements Ltd. to M/s PARFICIM, France, for a total consideration of ₹ 135 crores out of which, an amount of ₹ 55 crores was paid to Y.S. Jagan Mohan Reddy (A-1) between 16.05.2010 and 13.06.2011, in cash through hawala channels, and the details of the said payments were found in the material seized by the Income Tax Department, New Delhi. (c) The CBI has further alleged that M/s Dalmia Cements (Bharat) Ltd. have returned the alleged sale proceeds to Y.S. Jagan Mohan Reddy (A-1) in cash through hawala channels which clearly establish that the initial payment of ₹ 95 crores was only illegal gratification for the undue benefits received by them from the Government of Andhra Pradesh and was not genuine investments. It is further submitted that the charge sheet has already been filed with regard to the same on 08.04.2013 against A-1 and 12 others under various sections of the IPC and the PC Act. M/s Sandur Power Company Ltd. (a) Regarding the investigation relating to M/s Sandur Power Company Ltd., it is stated by the CBI that Y.S. Jagan Mohan Reddy ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... #8377; 200 crores violating the bank guidelines and rules. It is also stated that the investigation disclosed the payment of illegal gratification of ₹ 30 crores to Y.S. Jagan Mohan Reddy (A-1) by Nimmagadda Prasad (A-3) for the wrongful gain obtained by A-3 from the Government of Andhra Pradesh in connection with awarding a project consisting of development of two Sea Ports and an Industrial Corridor as VANPIC Project and falsification of documents to cover up the said payment etc. M/s Indu Projects Ltd. (M/s Lepakshi Knowledge Hub Pvt. Ltd. and M/s Indus Tech Zone Pvt. Ltd.) The CBI has pointed out that the investigation is in progress in respect of the above said group of companies. In the Status Report, the CBI has highlighted a number of details about the nexus of the appellant along with those companies. Since the investigation is still under progress in respect of those companies, we are not highlighting all those details furnished by the CBI in the Status Report. M/s India Cements Ltd. The CBI has highlighted the investigation relating to M/s India Cements Ltd. and the various amounts exchanged between the parties. In respect of the above, according to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion as it may influence the witnesses and tamper with the material evidence. Though it is pointed out by learned senior counsel for the appellant that since the appellant is in no way connected with the persons in power, 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. 15) 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. 16) While granting bail, the court has to keep in mind the nature of accusations, the nature of evidence in support thereof, the severity of the punishment which conviction will entail, the character of the accused, circumstances which are peculiar to the accused, reasonable possibility of securing the presence of the accused at the trial, reasonable apprehension ..... X X X X Extracts X X X X X X X X Extracts X X X X
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