NSE scam: Substantial investigation pending; CBI filed incomplete charge sheet, says HC

Updated: Sep 28 2022 10:16PM

New Delhi, Sep 28 (PTI) Granting bail to former NSE chief Chitra Ramkrishna, the Delhi High Court on Wednesday said although the case being probed by the CBI pertained to huge financial and economic offences, substantial investigation was still pending and the agency cannot circumvent the right of the accused to get default bail by filing an incomplete charge sheet.   Justice Sudhir Kumar Jain observed that no case for granting regular bail was made out in the present case in view of the gravity and seriousness of offences and subsequent investigation but the accused acquired an indefeasible right to be granted default bail on account of non-completion of investigation within the legally stipulated time.

The judge, who granted Ramkrishna the bail under section 167(2) CrPC on a personal bond of Rs 5 lakh and one surety of the like amount, stated the law permits filing of a final report only after completion of the entire investigation in respect of all offences and not a piecemeal investigation and filing of incomplete charge sheet before the trial court.

Justice Jain also granted bail to former group operating officer (GOO) Anand Subramanian in the co-location scam case on similar terms.  “The investigation is still pending. The allegations against the applicant/accused are serious and grave and are directly related to national economy and financial interests. After considering gravity and seriousness of offence subject matter of present FIR and subsequent investigation, no ground for regular bail under section 439 of the Code is made out,” the court said in its 109-page order.