India, March 18 -- In a setback to EMI Transmission Ltd director Sanjiv Rasiklal Sheth, a special Central Bureau of Investigation (CBI) court on Tuesday rejected his bail plea, holding him to be the "main culprit and mastermind" in the alleged Rs.739.20-crore bank fraud case.

Special Judge A.V. Gujarathi said there was a strong prima facie case of cheating, forgery and criminal conspiracy, and termed the case a "serious economic offence" with wider societal impact.

The case is based on a complaint by a Bank of Baroda official alleging that the company cheated multiple lenders, including Union Bank of India and Standard Chartered Bank, by fraudulently obtaining and misusing credit facilities.

According to the CBI, Sheth, who served as t...