The bail plea was rejected by special vigilance judge Diptimoyi Mohapatra.
Jagneswar was arrested by vigilance sleuths on May 1 on charges of financial irregularities involving disbursement of Rs 36.18 crore loan to Bijayananda Co-operative Sugar Mills in Bolangir as president of the Odisha State Cooperative Bank (OSCB) and sent to jail.
The vigilance sleuths during investigation also found that Jagneswar, who was the president of OSCB from 2009 to 2011, was also the president of Bolangir-based sugar mill and had allegedly sanctioned it loan without adequate security and in blatant violation of NABARD guidelines.
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