It is clear that the Sahara group and its directors must answer for whatever illegalities have been committed. It is likely that the "investors" from whom it said it raised money were fictional. It is this crime, if proven, that those responsible should be in jail for. Jail time for contempt of court does not serve the interests of either justice or of institutional strength. The Supreme Court, instead of using its right to jail those it sees as being in contempt of its directions, would have done market integrity a great service if it had ensured that a criminal investigation into the possible money laundering was initiated. Once that investigation was completed, charges filed and a trial conducted, then jail time would be appropriate for the guilty. Punishment for Mr Roy and Sahara's directors for failing to repay imaginary investors is not a substitute.
In general, as the load on the judicial system has increased, and convictions are harder to come by and appear to be possible only in the ever more distant future, the temptation has arisen to see jail time for undertrials as justice being done. From the politicians Suresh Kalmadi and A Raja to the spiritual leader Asaram and the former Tehelka editor Tarun Tejpal, those who are seen as having erred - even before their guilt is proven - are being sent to and kept in jail without bail. Jagan Mohan Reddy of the YSR Congress was kept in jail for 16 months. These high-profile cases may have been affected by the public opprobrium attached to the accused. But many other less notable and powerful individuals also find that bail is hard to come by. In fact, by some estimates as many as 80 per cent of those in India's jails are yet to be convicted. Just as jail time for contempt is not a substitute for the proper punishment for money laundering, judicial custody as an undertrial must not be seen as a substitute for the proper serving of a duly handed down prison sentence. If the judicial system is failing to convict the guilty speedily and accurately, then it must be reformed and expanded. Other methods of handing out justice to those presumed guilty will weaken India's institutional fabric.