In a judgment dated April 9, 2025, the Supreme Court of India denied anticipatory bail to several accused in SFIO v. Aditya Sarda, reaffirming that such relief is not meant for individuals evading the law in serious financial offences.

The Court held that anticipatory bail under Section 438 CrPC is an exceptional remedy, inappropriate for those declared absconders or proclaimed offenders under Section 82 CrPC. It criticised the Punjab & Haryana High Court’s 2023 orders granting bail to accused who had ignored repeated summons and non-bailable warrants in the case.

The matter relates to a ₹4,100 crore fraud involving Adarsh Credit Cooperative Society Ltd. and its group entities, where funds were allegedly siphoned off through forged documents and sham loans. The SFIO, under the Ministry of Corporate Affairs, has named 181 individuals in its complaint.

The Court emphasised that economic offences impacting public funds require stricter scrutiny and noted non-compliance with Section 212(6) of the Companies Act, 2013, which sets stringent conditions for bail in SFIO cases.