Bengaluru: The High Court on Thursday refused to grant bail to S.C. Jayachandra, suspended chief project officer of the State Highway Development Project, in the cases booked by the Enforcement Directorate (ED) and the State’s Anti-Corruption Bureau (ACB) after seizure of demonetised currencies and Rs 2,000 notes from his house during a raid by the Income Tax Department in November last year.

While the ED has complained that he had misused his official position, along with other accused, to launder his ill-gotten money, the ACB has alleged that he is in possession of assets disproportionate to his known sources of income.

Justice P.S. Dinesh Kumar dismissed petitions filed by Jayachandra seeking bail. However, the court on examining documents and statements, including that of his wife, produced by the ED, found that he cannot be enlarged on bail at this stage.

The court also noticed that Jayachandra has been facing a disproportionate assets case registered by the Karnataka Lokayukta police in 2008 in which he has been accused of possessing disproportionate assets 102.6% more than his known sources of income.