Cuttack, July 24: Orissa High Court has observed that larger interest of the public and the state should be kept in mind while granting bail in cases of economic offences as they were committed solely with an eye on personal profit and with sheer disregard for the consequence to the community.

The court held economic offences as "grave" and said "such offences having deep rooted conspiracy and huge loss of public fund are to be viewed seriously".

The observation came while considering the bail application of a married couple who were arrested on charges of luring investors with the promise of high returns and duping them.

Cases had been registered against them at Nikirai police station in Kendrapada district in January on charges of cheating under the Indian Penal Code, Prize Chits and Money Circulation Schemes (Banning) Act and the Odisha Protection of Interests of Depositors (in Financial Establishments) Act, 2011 (OPID Act- 2011).

Both had turned to the high court after the presiding officer of the designated court under the OPID Act, Cuttack, rejected their bail applications on January 25.

"The nature and seriousness of an economic offence and its impact on the society are always important considerations in such a case and those aspects must squarely be dealt with by the court while passing an order on bail application," the high court observed while rejecting their bail pleas. The couple had allegedly persuaded persons to invest money in Siddha Mahapurush Money Society, Mangalpur, with the promise to return interest at three per cent per month.

Case records indicated that the firm had collected more than Rs 4 crore from 641 depositors. While the police have submitted the chargesheet, the investigation is still on.

The high court found that the crime, which caused a loss of crores to depositors, was committed continuously for years in an organised manner. Prima facie materials showed involvement of the duo in the conspiracy.

"Economic offence is committed with cool calculation and deliberate design solely with an eye on personal profit regardless of the consequence to the community. In such type of offences, while granting bail, the court has to keep in mind the larger interest of public and state," the single judge bench of Justice S.K. Sahoo ruled in its July 19 order. Justice Sahoo said a strong prima facie case was available against the applicants to show that they, in connivance with others, illegally and in an unauthorised manner, by forming a society, motivated the people to deposit money in the society with the promise of high return of interest.

"Hence, granting bail to the petitioners in economic offences of this nature would be against the larger interest of public and state," the order said.