In Brief
The Supreme Court set aside a High Court order granting bail to the respondent in a major financial fraud case involving a cooperative society. The respondent, allegedly a close associate of the main accused, had deposited about ₹2.38 crores with the society but withdrew approximately ₹9 crores and purchased properties in the names of relatives using these funds. The Court held that the High Court's bail order ignored relevant material evidence, failed to apply established bail principles, and did not consider the gravity of the offence or interests of affected depositors. The Court directed the respondent to surrender within three weeks, emphasizing that serious economic crimes affecting numerous victims require strict scrutiny before bail is granted.
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