Bail under FERA turns on flight risk, evidence tampering, and pre-trial detention not becoming punishment.

Bail pending investigation and trial under FERA was treated as governed by the accused's likelihood of appearing for trial and the risk of tampering with evidence or obstructing investigation. The Court emphasised that pre-trial detention should not operate as punishment and that personal liberty remains a serious constitutional concern. On the facts noted, including the applicant's background, the stage of investigation, and the material collected, bail was considered justified with safeguards to secure presence, ensure cooperation, and prevent interference with prosecution evidence.

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Issues: Whether the applicant was entitled to bail pending investigation and trial in a prosecution under FERA, and what conditions should govern release on bail.

Analysis: The applicant sought bail on the basis that the alleged conduct attracted a limited sentence, that he was a bank employee with no criminal history, and that he was unlikely to abscond. The Court considered the seriousness of the accusation, the stage of investigation, and the material collected by the investigating agency. Relying on the governing principles for bail, the Court treated liberty as a serious constitutional concern and noted that bail is not to be refused as a form of pre-trial punishment. It also applied the settled test that the Court must consider whether the accused will be available for trial and whether he is likely to tamper with evidence or obstruct investigation. On that basis, and having regard to the applicant's background and the state of the investigation, the Court found that bail should be granted with safeguards.

Conclusion: The applicant was entitled to bail, subject to conditions securing his presence, preventing interference with prosecution evidence, and requiring cooperation with investigation and trial.

Ratio Decidendi: Bail should not be used as punishment before trial; where the accused is available for trial and there is no substantial risk of tampering with evidence or obstructing investigation, release on bail with appropriate conditions is justified.

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