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Special Judge, Mr O.P. Saini, rejecting the bail plea of top corporate executives in the 2G spectrum case, cited a Delhi High Court (HC) order which had said that “a strong message” must be sent to white collar criminals.
The High Court, in a case of forgery, cheating and corruption had said in 2009 that, “A strong message needs to be sent to white collared criminals and those who are waiting in the wings, that in the long run, it does not pay to be on the wrong side of law.”
The Special Judge said his observations are tentative and do not tantamount to expression of opinion on the merit of the case.
The HC's ruling was about the dismissal of the bail application of the petitioner Mr Mukesh Jain arrested by the CBI in April 2009 and charge-sheeted along with nine others in a case of defrauding Punjab National Bank of Rs 1.46 crore.
They were also accused of attempting to defraud the bank of Rs 2.72 crore using forged cheques for the purpose of cheating, in connivance with some bank officials.
The HC's observations underlined by Mr Saini say, “The economic offences having deep rooted conspiracies and involving huge loss of public funds whether of nationalised banks or of the State and its instrumentalities need to be viewed seriously…”
Such offences, the HC said, should be “considered as grave offences affecting the economy of the country as a whole and thereby posing serious threat to the financial health of our country.”
Significantly, the HC had observed, “If a person knows that even after misappropriating huge public funds, he can come out on bail after spending a few months in jail, and thereafter, he can continue to enjoy the ill-gotten wealth, obtained by illegal means, that would only encourage many others to commit similar crimes…”
The HC said others will commit similar crimes “in the belief that even if they have to spend a few months in jail, they can lead a lavish and comfortable life thereafter, utilising the public funds acquired by them.”
Therefore, the HC said, unless a strong message is sent, “…We will not be able to check the growing tendency to adopt dubious and illegal means, to get rich overnight so as to be able to enjoy all those luxuries of life.”
Such offenders “do not deserve any indulgence and sympathy” in the larger interest of the society, the HC added.
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