The bail petition was rejected by the SDJM, Koraput Ajit Patnaik.
"The court denied bail to Dash citing that investigation is under progress and a large number of investors are involved in the case," said T N Murty, counsel of Dash.
Dash, who was accused of duping lakhs of guilble investors of about Rs 1,000 crore across the state, was arrested from Mumbai on June 19 in a case against him at Semiliguda police station in the district on June 6.
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