The bail petition of Sai Prasad Media Pvt. Ltd’s managing director Shashank Bhapkar, who was arrested by the economic offences wing of Mumbai Police last year, was rejected by the Supreme Court on June 12.

The allegation against the company is that it had defrauded 20 lakh investors of over Rs 2,000 crore, by promising high returns and then defaulting on payment.

On June 12, the apex court bench of Justices Prafulla C Pant and Deepak Gupta heard the petitioner’s plea against the state of Chhattisgarh. The counsel for the state said that the crime was not only in Chhattisgarh, but had also spread to other states like Odisha.

The petitioner submitted that charges had not been framed and the state was purposely delaying the matter.

The bench dismissed the bail petition.

—India Legal Bureau