India, July 16 -- The sessions court has denied bail to Ketan Kadam, CEO of Virgo Specialties Pvt Ltd, in the Mithi River desilting fraud, calling him "the key person in the conspiracy" who "personally gained various amounts" through manipulation of tenders to create a monopoly for his firm. The detailed order, passed on July 11, became available on Tuesday.

Kadam and Virgo director Jay Joshi are among 13 people booked by the Economic Offences Wing (EOW) of the Mumbai Police in May for their alleged role in the Rs.65.54-crore fraud. The accused include three civic officials, three intermediaries, five private contractors, and two company executives. According to police, the case involves inflated tenders and financial irregularities, amo...