India, Nov. 13 -- A special CBI court on Tuesday refused bail to 43-year-old businessman Bhavik Mohan Pethana, accused of involvement in a Rs.4.12-crore cyber-investment fraud, after noting that his company's bank account was allegedly linked to around 100 other cybercrime cases.

While rejecting the bail plea, special judge A.V. Gujarathi called the case a serious economic offence and said that Pethana's release could hinder the ongoing probe. "Considering the nature of the crime, it is crystal clear that the accused played an active role. The applicant is not entitled to bail," the court said.

According to the prosecution, complainant Dr Anilkumar Manoharlal Agrawal was approached by a few people, identifying themselves as the represen...