Case Law Details
Vuppalapati Venkata Rama Rao Vs Directorate of Enforcement and another (Telangana High Court)
Economic offences having deep-rooted conspiracies and involving huge loss needs to be viewed seriously – case not fit to grant anticipatory bail
Facts- The Punjab National Bank has alleged that the company has availed various credit facilities from the consortium of banks and subsequently has defaulted in making payment.
Conclusion– In the instant cases, grant of anticipatory bail at the stage of investigation may frustrate the investigating agency in interrogating the petitioners/accused and in collecting the useful information and also the material, which might have been concealed. Success in such interrogation would escape, if the petitioners/accused knows that they are protected by the order of the Court. Grant of anticipatory bail, particularly in economic offences, would definitely hamper the effective investigation. Having regard to the material collected so far by the respondent/Enforcement Directorate and considering the stage of investigation, this Court is of the view that it is not a fit case to grant anticipatory bail to the petitioners/accused under Section 438 of Cr.P.C.
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Author Bio
Such defaulters should not only get the anticipatory bail, but also their entire family should be put behind the bars for lifelong as they effect the financial system of the country and the general public has to pay off all these indirectly.
Also the corrupt bank officers responsible for such loan sanctions should be treated in the same line.