MUMBAI, May 4 -- The Esplanade Metropolitan Magistrate Court has rejected the bail application of Javed Azam, the younger brother of former BJP Maharashtra secretary Hyder Azam, in connection with the Rs.122-crore New India Cooperative Bank embezzlement case. Azam has been accused of receiving Rs.18 crore from Hitesh Mehta, the bank's former general manager (accounts), who allegedly siphoned off Rs.122 crore from the bank's cash reserves. Azam was arrested after investigators found that he allegedly received a portion of the embezzled funds through another accused, Unnathan Arunachalam. The EOW claimed that Azam was a direct beneficiary of Rs.18 crore of the siphoned amount and argued that his release could jeopardise the probe. Additional chief judicial magistrate Rekha Thakur, while rejecting the bail plea on April 30, noted the gravity of the offence and the potential risk of the accused fleeing or tampering with evidence. "There is sufficient evidence against the accused, and the investigation is yet to be completed," the court observed. Azam's lawyer contended that his client's name was not mentioned in the original FIR and that his arrest was based solely on Arunachalam's statement....