Principal Sessions Judge Nazeema Banu dismissed Singhi's bail plea after his counsel refused to accede to the prosecution's suggestion that the bail may be granted to him on a bond of Rs 60 lakh.
City Public Prosecutor M L Jegan pointed out that first accused and Stayzilla CEO Yogendra Vasupal, arrested in the case, had been granted bail by the Madras High Court on the condition that he furnish a personal bond of Rs 40 lakh.
The prosecution would not have any objection to the grant of anticipatory bail to Singhi if he provided a personal bond of Rs 60 lakh, he said.
The defence counsel, however, did not agree to the suggestion, following which the judge dismissed the petition.
Vasupal and Singhi have been accused of defrauding city-based advertising firm Jigsaw Advertising and Solutions to the tune of about Rs 1.68 crore for services it had rendered since last year.
Vasupal was arrested on March 14 while Singhi was stated to be absconding.
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