scope of jurisdiction to be exercised while granting bail in the economic offence.

IN THE HIGH COURT OF DELHI AT NEW DELHI
RESERVED ON 2
nd June, 2023
% PRONOUNCED ON -3
rd July,2023
+ BAIL APPLN. 1178/2023
VIJAY NAIR ..... Petitioner
Through: Ms. Rebecca Memmon John, Sr. Adv.
with Mr. Samudra Sarangi, Ms. Nitya
Jain, Ms. Alisha Luthra and Mr.
Pravir Singh, Advs.
versus
DIRECTORATE OF ENFORCEMENT ..... Respondent
Through: Mr.S.V.Raju, learned ASG with Mr.
Zoheb Hossain, Special counsel for
ED with Mr. Vivek Gurnani and
Mr.Kartik Sabharwal, Advocates
CORAM:
HON'BLE MR. JUSTICE DINESH KUMAR SHARMA43. Before proceeding further, it is also necessary to remind the scope of
jurisdiction to be exercised while granting bail in the economic offence.
The Honble Supreme Court in the case of Y.S. Jagan Mohan Reddy v.
CBI, (2013) 7 SCC 439 528 held as under:
Economic offences constitute a class apart and need to be
visited with a different approach in the matter of bail. The
economic offences having deep-rooted conspiracies and
involving huge loss of public funds need 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.
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 of the
witnesses being tampered with, the larger interests of the
public/State and other similar considerations.
44. In Nimmagadda Prasad v. CBI, (2013) 7 SCC 466, it was inter alia
held as under:
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
BAIL APPLN. 1178/2023 Page 34 of 45
and considered as a grave offence affecting the economy of the
country as a whole and thereby posing serious threat to the
financial health of the country.