Michel was presented before Special Judge Arvind Kumar on the expiry of his four-day custody with the Central Bureau of Investigation (CBI).
He was extradited to India on December 4 from the United Arab Emirates (UAE).
Michel's counsel Aljo K. Joseph and Vishnu Sankar sought bail on the ground of parity as all other accused chargesheeted in the case are out on bail. The defence counsel said he would follow every condition imposed by the court if released on bail.
The probe agency opposed Michel's bail plea saying that he is an influential person, enjoys proximity with highly placed persons and his conduct has remained evasive.
Being a British citizen, there is every likelihood that if he is granted bail, he may not return to face trial. The apprehensions of CBI about his absconding from the process of law gets supports from his past conduct, the agency's counsel said.
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