Saradha scam: Calcutta HC rejects Sandhir Agarwal's bail prayer

KOLKATA: Calcutta High Court today rejected the bail prayer of Sandhir Agarwal, accused of having taken money from Saradha group chairman Sudipta Sen by promising him to manage market regulator SEBI.

A division bench comprising Justice Subhrokamal Mukherjee and Justice Indrajit Chatterjee rejected the bail prayer of Agarwal, whose counsel claimed that he has been wrongly implicated.

Agarwal's counsel submitted that Sen's tryst with SEBI for alleged illegal money collection businesses began much before he came in contact with him.

They also said that reports submitted by SEBI with regard to the Saradha scam did not mention Agarwal's name.

The CBI counsel opposed the bail prayer claiming that there were evidence of his involvement and that investigation was on into the role of a section of SEBI officials.

They claimed that the probe would be hampered if Agarwal was granted bail at this stage.

The court then rejected Agarwal's bail prayer.