Justice R R Prasad reserved the judgement after hearing the arguments on both sides.
Agarwal's counsel contended that a false case was lodged against his client, while CBI refuted it and objected his bail petition.
CBI took over the case after Election Commission countermanded the Rajya Sabha polls for two seats in April last year after the seizure of Rs 2.15 crore from a car. Police had alleged that the money belonged to Agarwal's relative.
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