The Supreme Court on Friday dismissed the bail plea of Vikas Sinha, an associate of former Jharkhand Chief Minister Madhu Koda, who has been arrested by Enforcement Directorate in the alleged illegal investments and hawala transactions case.
Sinha, brother of another Koda associate Binod Sinha, was the first person to be arrrested by ED in its probe relating to money laundering and illegal investments charges against the former Chief Minister.
A bench of Justices B Sudershan Reddy and SS Nijjar refused to interfere with the Jharkhand High Court order which dismissed Sinha's bail plea sought on medical grounds.
The apex court, which described the case as a "serious matter", said the accused can seek relief after three months.
Sinha, through senior advocate UR Lalit, had challenged the High Court order refusing him bail.
Additional Solicitor General Haren Raval appeared for ED to oppose the bail plea of Sinha.
Advocate Anil Kumar Jha appeared for the state government to oppose the bail plea.
CBI, which was asked by Jharkhand High Court to probe the case in August, had on Thursday arrested Sinha's elder brother Binod from the national capital.
Vikas Sinha has been charged by ED with investing illegal money on behalf of Koda and his other associates.
He has been questioned by both ED and Income Tax department regarding investments in India and abroad through some bullion companies in Mumbai.
CBI had earlier lodged separate FIRs against Koda, six of his former cabinet members and others on corruption charges in a special CBI court in Ranchi.
Enforcement Directorate and Income Tax Department are separately investigating alleged illegal investment and hawala transactions against Koda and others.