The Kerala High Court on Wednesday rejected a bail petition of Sabarinath, the prime accused in a financial fraud case.
Justice B. Kemal Pasha directed the Thiruvananthapuram Additional Chief Judicial Magistrate to take necessary steps to expeditiously dispose of the case against the petitioner. When the petition came up for hearing, Government Pleader C. Rasheed submitted that the accused had cheated several persons by starting various financial institutions without any licence or valid permission from the Reserve Bank of India.
