Behind bars since November 2013 for his alleged complicity in the multi-crore-rupee scam, Ghosh who headed Saradha's media arm moved the division bench of justices Ashis Kumar Chakraborty and Subhro Kamal Mukherjee seeking bail.

The defence counsel said Ghosh was cooperating with the CBI in its investigation and so he should be granted bail as he has been in jail for more than a year.

The CBI counsel opposed the bail claiming that Ghosh was an influential person and if granted bail, the investigation might be hampered. Hearing both the parties, the bench rejected Ghosh's bail plea.

Meanwhile, Das, who was arrested on January 17 for his alleged involvement in the scam, was presented before the court on the expiry of his CBI remand. The court extended his custody with the probe agency for five more days.

Das had allegedly advised Sen to launch a ponzi scheme and attract depositors by promising huge returns.

In turn, Sen had made Das a director and shareholder of Saradha Realty after starting the business.

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