India, Feb. 11 -- The Calcutta High Court on Tuesday rejected the bail applications of former MP of Andaman and Nicobar Islands Kuldeep Rai Sharma and Sanjay Lal, another accused, in connection with a Rs 500 crore bank fraud case.

The Criminal Miscellaneous case heard by a Single Bench (CRM-SB) of Justice Apurba Sinha Ray, however, granted bail to K Murugan, former managing director of Andaman and Nicobar State Cooperative Bank (ANSCBL), on health grounds.

Sharma, who is also the ex-chairman of the ANSCBL, and Murugan were arrested on September 17, 2025, while Lal was picked a month later by the Enforcement Directorate (ED) under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.

"Upon hearing both sides at length, ...