Pal, arrested in Kolkata on December 30 and brought to Odisha the next day, was produced in the Special Chief Judicial Magistrate (SCJM) court, designated as the CBI court, after the expiry of his six-day remand in two phase.
The MP's lawyer Sabyasachi Banerjee had earlier moved a bail plea but SCJM P K Mishra reserved judgement on it and sent Pal to Jharpada jail here till January 19.
"My client is clinically ill and he requires bail on health ground," Banerjee told reporters outside the court.
Pal was arrested on December 30 by CBI for his alleged involvement in the multi-crore Rose Valley chit fund scam. He was taken on remand in two phases by the CBI from December 31.
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CBI in its petition to the court said that Pal was one of the directors of the chit fund group in 2010.
In its charge sheet submitted at the court here on January 7, 2016, CBI had charged the chit fund of defrauding investors of Rs 17,000 crore, out of which Rs 450 crore from Odisha alone.
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