India, Feb. 11 -- A Pune sessions court has rejected the bail application of Sheetal Suryavanshi Tejwani, an accused in the alleged Rs.1,800-crore Mundhwa land fraud case, terming the deal an "elite scam" and citing prima facie material indicating her role in fraudulent transactions that caused a substantial loss to the state exchequer.

Additional Sessions Judge BV Wagh, in an order dated February 6 and uploaded on February 9, observed that Tejwani was a "well-versed woman with adequate legal sense" and appeared to have conspired with revenue officials to facilitate the illegal regularisation and sale of protected land bearing Survey No. 88 at Mundhwa.

"On meticulous examination of the case record, it appears that the applicant prosecut...