Taking a stringent view against economic offences, the Supreme Court has on Thursday rejected the bail petition of the YSR Congress chief Y S Jaganmohan Reddy, arrested on charges of amassing disproportionate assets.
The court also rejected the bail petition of noted industrialist Nimmagadda Prasaad, arrested in connection with the Vanpic scam.
The court also cancelled the bail of auditor Vijaya Sai Reddy, accused 2, in the disproportionate assets case against Y S Jaganmohan Reddy. The court directed the auditor to surrender before the court before May 30.
A bench comprising Justice Sadasivam and Justice Iqbal gave the judgment. The bench upheld the argument of the CBI that if Jagan came out, evidences might be tampered. The court expressed the view that economic offences struck at the very wealth of the public. Supporting the view of the CBI that auditor Vijaya Sai Reddy was the brain behind all the irregularities committed by Jagan, the court expressed the view that if Jagan, Vijaya Sai Reddy and Nimmagadda Prasad came out, there might be problems for the witnesses.
Considering the request of Vijaya Sai Reddy to permit him to perform his daughter’s marriage in the month end, the Supreme Court directed him on humanitarian grounds that he should surrender a week after the marriage. The court directed CBI to complete the investigation in 4 months and asked Jagan to apply for bail in the lower court then.
However, CBI lawyers said that though 4 months time was set by the court, they would apply for extension of time, if investigation could not be completed by then.