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Biswal, the Cuttack-Choudwar legislator who is in a hospital since his arrest in September this year, had approached the high court seeking bail on health grounds.
His similar pleas were earlier rejected by the CBI court and Khurda district court.
Rejecting the bail application, Justice Biswanath Rath asked the Central Bureau of Investigation to complete the probe in the case within two months and submit the charge sheet as soon as possible.
Biswal is currently undergoing treatment in the SCB Medical College and Hospital here.
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