Ahmedabad: A special CBI court here today rejected the bail application of deputy general manager of the Securities and Exchange Board of India (SEBI)Averjeet Singh and his aide arrested by the agency in a bribery case.

Special CBI judge, K B Gujarati, while refusing to grant bail to Singh and his accomplice Ashok Mehta, observed that CBI has prima facie made out a case against the accused.

“Moreover, when our country is fighting against the menace of corruption, if a high ranking official of SEBI is granted bail, that will send wrong signals to the society,”Judge further observed in his order.

CBI had arrested Averjeet Singh and Ashok Mehta on June 2 following a complaint by a city-based trader for demanding and accepting bribe of Rs 10 lakh to clear his name in a case of market manipulation.

Singh was initially sent for three-day remand by the CBI court. The agency later sought further remand but the court refused. The investigating agency then approached the High Court elaborating the need for five more days of interrogation in the case. Justice R H Shukla, on June 15, granted further

four days’ custodial interrogation of Singh.