Mysore/Mysuru: City’s Principal District and Sessions Court has rejected the anticipatory bail application of one of the accused, who had moved the Court seeking bail.

Mysuru-based Ravi Narayana Rao of MaxSurge Wealth Management Pvt. Ltd. had moved the Court seeking anticipatory bail in the case on Sept. 4 and the Court, which took up the case on Thursday (Oct. 1), has rejected the bail plea.

It may be recalled that a group of Mumbai-based investment firms and stock brokers, promising huge returns from investing in share markets had allegedly cheated over 14 Mysureans to the tune of Rs. 7.5 crore and one of the victims, H.G. Sharath, a resident of Vijayanagar, had lodged a complaint at Devaraja Police Station against Mumbai-based Manoj Javeri Stock Broking Pvt. Ltd., Trillion Capital Limited and MaxSurge Wealth Management Pvt. Ltd., 10 Mumbai stock brokers and a point man (Ravi Narayana Rao) in Mysuru for cheating. Based on the complaint, Devaraja Police had registered a case and taken up investigation. As it was a hi-profile case, it has been transferred to the CID for investigation.