Bhubaneswar, Oct 20 (IANS): The Odisha High Court Monday rejected the anticipatory bail plea of former government chief whip and Biju Janata Dal MLA Pravat Tripathy for his alleged complicity in the multi-crore chit fund scam being investigated by the Central Bureau of Investigation (CBI) in the state.

The High Court decision is seen as a major setback for Tripathy and the ruling BJD.

The court had reserved its verdict after completing hearing on the anticipatory bail plea of Tripathy Oct 16.

Tripathy had moved the High Court after the CBI raided his house and interrogated him in connection with the chit fund scam. He had moved the court Sep 15 seeking anticipatory bail apprehending that the investigating agency may arrest him.

"I respect the verdict of the High Court. I was cooperating with the CBI inquiring into the chit fund scam and will cooperate in the coming days," said the BJD MLA.

He also denied moving the Supreme Court against the High Court verdict.

He added that he would think of his next course of action after receiving a copy of the judgement.

The High Court had granted Tripathy interim relief from arrest for his links with the Artha Tatwa Group, a home grown chit fund company, till Oct 13.

In order to make its case stronger, the CBI had submitted an audio clip of Tripathy allegedly speaking to AT Group chief Pradip Sethy, who has duped thousands of depositors in the chit fund scam.

The CBI had submitted Tripathy's voice test report, transcript of the phone chat he had with the AT Group chief and the case diary to the High Court Tuesday.

The CBI had interrogated the BJD MLA three times and raided his houses and the house of his aide in August.