Chatterjee has already spent 21 months in jail after his arrest by the ED in the crores of rupees exchange case for school jobs in West Bengal.

After being denied bail several times in the lower court, Chatterjee approached a single-judge bench of Justice Tirthankara Ghosh of the Calcutta High Court.

The matter came up for hearing before a bench of Justice Ghosh on April 23. Justice Ghosh reserved the verdict for Tuesday and ruled that Chatterjee's bail plea has been rejected.

Chatterjee's lawyer argued that his client had no connection with the huge amount of cash recovered from the residence of his close aide Arpita Mukherjee and hence he should be granted bail.

The lawyer also sought bail on medical grounds on behalf of his client.

However, the ED counsel opposed the bail plea citing several points which point towards the close relationship between Partha Chatterjee and Arpita Mukherjee.

The ED counsel also argued that Chatterjee was willing to take financial responsibility of a child whom Mukherjee wanted to adopt.