Madan Mitra, former state transport minister who was arrested on December 12, 2014, had surrendered before the court after his bail was cancelled by the Calcutta High Court on November 20.
A city court today rejected the bail plea of Trinamool Congress leader and former West Bengal minister Madan Mitra, an accused in the Saradha chit fund scam, and extended his judicial custody by another 14 days till January 14.
Additional Chief Judicial Magistrate Sougata Roy Chowdhury passed the order after Mr Mitra's counsel pressed for bail contending the CBI investigation into the scam has yielded "no fruitful result".
Mr Mitra, former state transport minister who was arrested on December 12, 2014, had surrendered before the court after his bail was cancelled by the Calcutta High Court on November 20.
The Trinamool leader's counsel said there has been a "change of circumstance" in the case and CBI's influential tag on Mr Mitra does not stand after his resignation as the state transport minister in November and hence he be granted bail.
His counsel also said Mr Mitra has been under custodial detention for a year and there was no allegation that the Trinamool leader has tried to influence anybody or tamper any proof in connection with the scam.
Mr Mitra's frail health condition was another reason why he be granted bail, his counsel said.
The counsel for CBI argued that there "is not such change of circumstance" and opposed Mr Mitra's bail plea.