The bail plea of one of the alleged conduits of YSR Congress chief Jaganmohan Reddy has dismissed by the Supreme Court of India, arrested for their alleged role in a corruption case, saying “white collar crimes” are rising in India and such economic offences poses a “serious threat”.
The plea Nimmagadda Prasad has rejected by the apex court who has been named as one of the accused along with Reddy in the graft case and is in judicial custody since his arrest on May 15 last year.
Prasad had approached the apex court against an order by the Andhra Pradesh High Court which had dismissed his bail plea in October last year.
A bench comprising Justices P Sathasivam and M Y Eqbal dismissed Prasad’s plea saying such economic offences have “serious repercussions” on the development of the country.
“Unfortunately, in the last few years, the country has been seeing an alarming rise in white-collar crimes, which has affected the fiber of the country’s economic structure. Incontrovertibly, economic offences have serious repercussions on the development of the country as a whole,” according to the bench.
“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 a serious threat to the financial health of the country,” according to it.