Panchkula, Oct. 15 -- A special CBI court has dismissed the bail plea of Surinder Jain, the then senior accounts officer of the municipal corporation (MC), Panchkula, arrested in connection with the alleged Rs.504 crore Haryana government funds fraud involving IDFC First Bank and AU Small Finance Bank.

Special judge Vijayant Sehgal, while dismissing the application on Tuesday, observed that the allegations concerned a large-scale economic offence involving the siphoning of substantial public funds. The court held that no ground for granting bail was made out at this stage, particularly as further investigation into the money trail was continuing.

According to the prosecution, Jain was serving as senior accounts officer of MC Panchkula a...