Panchkula, Aug. 9 -- A special CBI court in Panchkula has dismissed the bail application of Ankur Sharma, an accused in the alleged Rs.550 crore Haryana government funds fraud case.

Special judge (CBI) Vijayant Sehgal dismissed Sharma's bail plea on August 7, observing that the allegations involved a large-scale economic offence and the siphoning of substantial public funds. The court also noted that the investigation in the case was still pending.

According to the prosecution case cited in the court order, around Rs.550 crore of government funds were allegedly fraudulently withdrawn and transferred to shell entities by bank officials in connivance with private persons and some government officials.

The CBI alleged that Sharma was a co...