The Andhra Pradesh High Court on Thursday reserved its judgment on YSR Congress party chief YS Jagan Mohan Reddy's bail petition for July 4. Justice S Govinda Rajulu concluded the hearing on the petition.
While noted lawyer Ram Jethmalani argued for Mr Jagan, senior counsel Ashok Bhan represented the CBI.
The CBI counsel had argued that the case involved financial irregularities to the tune of Rs 43,000 crore and the CBI is investigating the flow of funds to Mr Jagan's companies.
Mr Bhan argued that giving bail to the accused at this time may hamper the investigation further, as the investigation agency is yet to file some more charge sheets in the case.
The CBI has so far filed three charges in the disproportionate assets case of the Kadapa MP.
Mr Jagan was arrested on May 27 after being questioned for three days.
On the other hand, Mr Jethmalani argued that Mr Jagan's arrest is politically motivated and there is no absolute evidence that his client has not been co-operating with the CBI, or is tampering with the evidence.
Mr Jagan is being harassed by the CBI at the behest of political bosses, Mr Jethmalani argued.