MUMBAI, July 28: The City Civil and Sessions Court today rejected the anticipatory bail application filed by Sadanand Khataokar, leading agent of Ashok Sheregar, who had floated the double-your-money-in-a-month scheme.Principal Judge of the Sessions Court A S Aguiar rejected the plea filed by Khataokar on the grounds that the offence he had allegedly committed was ``cognizable and non-bailable.'' Judge Aguiar had earlier granted Khataokar's plea on July 9, 1997 and had directed the Mumbai police not to arrest him till today.Sheregar, an employee of the Bombay Electrical Supply and Transport (BEST) undertaking, had floated Aashankur Savings and Investments Private Ltd. a couple of years ago. The company promised its investors to double their investment in a month. Sheregar had appointed about 100 agents throughout city to woo investors.Khataokar was Sheregar's leading agent and had mobilised hundreds of investors to invest in the scheme. Following complaints against the scheme, the Economic Offences Wing of the Mumbai police had recently raided the Aashankur office and Sheregar's residence. Sheregar and few others were arrested and are in police custody.
