The CBI Special Court at Nampally on Monday rejected the bail petition of industrialist Nimmagadda Prasad, an accused in the disproportionate assets case of YSR Congress party president Jaganmohan Reddy.

The Special court Judge justice Durga Prasad Rao dismissed his bail petition after hearing the arguments and counter arguments.

Opposing the bail, CBI counsel B Ravindranath observed that sanctioning of bail to Nimmagadda Prasad at this crucial phase would impede the investigation and he might tamper with the evidence by influencing the witnesses.

However, Nimmagadda's counsel E Umamaheshwar Rao claimed that his client fully cooperated with the probing agency so far in the investigations.

As the CBI has collected all vital details in connection with case, there should be no objection for the agency to oppose his client's bail petition, the counsel pointed out.

However, the special court concurred with the CBI and dismissed Nimmagadda Prasad's bail petition.