The Supreme Court today rejected the bail plea of YSR Congress chief Jagan Mohan Reddy in a disproportionate assets case. The apex court said that it can't grant bail to Jagan at this juncture.

The CBI which opposed Jagan's bail, said that hawala or money laundering transactions by his network of companies, is being studied and that more time is needed to scrutinize the financial transactions of his vast business empire. Jagan was arrested in May for alleged corruption.

He is at present lodged in the Chenchalguda central prison in Hyderabad under the judicial custody of CBI which is probing him and others in an alleged corruption and cheating case during the reign of his father and the then Andhra Pradesh Chief Minister Y S Rajasekhara Reddy.

The CBI case against him said that when his father, was Chief Minister, he pressured companies to invest in Jagan's business empire. YSR died in a helicopter crash in 2009.
The enforcement directorate yesterday issued attachment orders on properties worth 51 crore rupees in its money laundering probe against Jagan and his associates.