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Issues: Whether the applicant was entitled to regular bail in an economic offence after investigation was complete, the charge-sheet had been filed, charges had been framed, and there was no material showing flight risk or likelihood of tampering with evidence, despite the prosecution's reliance on the severity of the offence under Section 409 IPC.
Analysis: Bail was considered in the light of the settled principle that pre-conviction detention is not punitive and is justified only when necessary to secure at trial or where there is material showing an intention to abscond or influence witnesses. The investigation had been completed, the charge-sheet filed, and the applicant had already remained in judicial custody for a substantial period. The Court found no allegation or material suggesting that the applicant was a flight risk or that he would tamper with evidence. The contention that the offence under Section 409 IPC carried a sentence of life imprisonment did not persuade the Court to deny bail, particularly where the earlier Supreme Court and coordinate Bench decisions relied upon indicated that the nature of custody must still be assessed on the facts of the case and the need for continued detention.
Conclusion: The applicant was held entitled to regular bail on stringent conditions.
Ratio Decidendi: When investigation is complete and there is no material showing flight risk or likelihood of tampering with evidence, continued pre-trial detention is not justified merely because the accused is charged with a serious or economic offence.
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