Cuttack: The Orissa High Court on Tuesday refused to grant bail to newspaper owner Madhu Mohanty, who is in CBI custody since September 15 in connection with the multi-crore chit fund scam in the state.
Justice Sangam Kumar Sahoo rejected the bail application on the ground that CBI had kept the investigation in the case open though preliminary charge sheet against him was filed on December 11.
The HC had reserved the verdict on the bail application of Mohanty on November 26 after completion of hearing.
Mohanty, a vernacular daily owner, is facing charges under various sections of IPC and the Prize Chits and Money Circulation Schemes (Banning) Act, 1978.
He had approached the High Court last month after his bail applications were rejected by the CBI designated court and Khurda District and Sessions Court of Bhubaneswar separately.