In a striking move, the Supreme Court has revoked the bail of an accused involved in a colossal financial scam, nearly three years after his initial release. This decision, delivered on August 28, stems from a case where the accused, alongside the President of Jai Shriram Urban Credit Co-operative Society Limited, is alleged to have embezzled over ₹79 crore, including ₹29 crore belonging to 798 depositors.
The Bombay High Court had granted bail to the accused on October 13, 2021, reasoning that the allegations lacked sufficient evidence to implicate him. However, upon reviewing the case, a Supreme Court bench comprising Justices Hima Kohli and Ahsanuddin Amanullah found that the High Court had not fully considered the gravity of the offense or the potential risks posed by the accused’s continued freedom.
The Supreme Court highlighted the importance of scrutinizing the nature of the accusations, the accused’s role, and the possibility of tampering with evidence when deciding on bail. The bench emphasized that economic offenses, especially those affecting a large number of victims, require stricter bail conditions. The Court criticized the High Court for imposing only standard conditions on the accused, stating that this approach failed to address the seriousness of the charges.
In its judgment, the Supreme Court underscored the need to protect the interests of scam victims and prevent the dissipation of assets potentially acquired through fraudulent means. The Court’s decision to cancel the bail reflects a commitment to ensuring that justice is served and that those responsible for financial crimes are held accountable.
