Chandigarh, June 24 -- A local court has dismissed the regular bail application of Sahil Kukkar, a former accountant with the Chandigarh Renewable Energy and Science and Technology Promotion Society (CREST), in connection with the alleged Rs.83 crore IDFC First Bank fund diversion case.

Additional sessions Judge Arvind Kumar passed the order on June 22, holding that the allegations against the accused were serious in nature and that his release at this stage could potentially affect the prosecution.

The case forms part of a wider CBI probe into alleged financial irregularities involving government funds parked in IDFC First Bank. The agency is investigating alleged frauds involving around Rs.83 crore from CREST, Rs.117 crore from Chandi...