The apex court passed the order rejecting the bail petition of YSRC president Y.S. Jagan Mohan Reddy after additional solicitor-general Mohan Parasaran and senior counsel Ashok Bhan, appearing for the CBI, contended that investigations were still underway in seven cases against him and letters rogatory had been issued to various countries as the cases have international ramifications.
Responding to queries from the Bench of Justices Aftab Alam and Ranjana Prakash Desai, Mr Parasaran said the total amount accumulated by Mr Reddy and his associates, insofar as the four chargesheets have been filed, amounted to over Rs 3,000 crore.
He submitted it would not be proper to release him at this stage as the case “is a very serious economic offence that is unparallelled.”
“The accused is also known for his political prowess. The saga of investigations is still continuing... they are so influential that they can influence the witnesses even while being inside,” he said.
Mr Parasaran’s argument was countered by Mr Gopal Subramani-am, appearing for the YSRC chief, who said bail was a statutory right and Mr Reddy was entitled for the same.
Counsel said that the YSRC chief was in jail for 120 days and exp-ressed apprehensions that it would take years for the CBI to complete investigations.
The court, however, said that in such a case he can always come back to the court, but declined to modify its order under which it had granted more time to the CBI to complete its probe and file an additional chargesheet.