Mumbai, June 18 -- A Mumbai court has rejected the anticipatory bail application of Sudhir Valia, a prominent businessman and director of Suraksha Asset Reconstruction Limited (Suraksha ARC), in connection with an alleged Rs 1,000 crore financial fraud.

Additional Sessions Judge Anil Salunkhe noted, "Considering the seriousness of the alleged economic fraud committed by the applicant with collusion of the officials of the YES bank and its consequences, the custodial interrogation of the applicant is essential."

The case, currently being investigated by the Economic Offences Wing (EOW) of the Mumbai Police, centres on allegations that Suraksha ARC officials and employees of YES Bank colluded to illegally seize assets belonging to Sapphir...