A division bench of Justice A M Khanvilkar and Justice Mridula Bhatkar asked CBI to first file a status report within a week after which the Court would decide on granting further time to it.
The Court was hearing a PIL filed by social activist Samir Zaveri alleging that certain Railway Protection Force (RPF) personnel was releasing persons booked for trespassing and crossing railway tracks on fake cash bail bonds.
In his PIL, Zaveri had alleged that a head constable 'acted' as a magistrate and granted bail to the alleged offenders and the money collected was misappropriated by the RPF personnel.
In August last year, the High Court had transferred investigation in the case to CBI following allegations of shoddy probe by the Government Railway Police (GRP). CBI too was pulled up by the High Court for its slow and tardy probe on several occasions.
In July this year, the court had directed the central agency to complete its investigation within a month.
The agency today sought three months more time to complete its probe which, however, was declined by the Court.