In a major setback for the former finance minister, the Supreme Court on Thursday rejected an appeal of P Chidambaram against the Delhi High Court’s order rejecting his anticipatory bail plea in a case being probed by Enforcement Directorate (ED) in INX Media case.

Rejecting Chidambaram’s plea, the apex court said that “granting anticipatory bail at the initial stage may frustrate the investigation” adding that it is “not a case fit to grant pre-arrest bail”.

“Economic offences stand at a different footing and they have to be dealt with a different approach,” the court observed.

The Supreme Court said the Congress leader can move the trial court for regular bail.

After the top court dismissed the anticipatory bail plea, Chidambaram withdrew his appeal from the court challenging the trial court’s order of sending him to CBI custody.

In a minor relief for former finance minister P Chidambaram, the Supreme Court had on Tuesday directed the Congress leader to remain in CBI custody till today despite the probe agency informing the court that it did not want to question him any further. The senior leader’s 15-day CBI custody expires today.

The CBI had told the top court that it does not want any further custody of Chidambaram and that he should be sent to Tihar Jail under judicial custody.

The former minister had on Monday repeatedly requested the court not to send him to judicial custody.

The Supreme Court is hearing a plea filed by Chidambaram challenging the August 20 verdict of the Delhi High Court denying him anticipatory bail in the INX Media corruption and money laundering cases lodged by the CBI and ED.

Chidambaram was arrested on the night of August 21 amid high drama by CBI officials at his residence. His arrest came after the Delhi High Court rejected his pre-arrest bail.

The INX Media case relates to alleged irregularities in Foreign Investment Promotion Board (FIPB) clearance given to the media group for foreign investment to the tune of Rs 305 crore in 2007 when Chidambaram was finance minister.

The ED has maintained that it needs custodial interrogation of the former minister to unearth the larger conspiracy in the INX Media money case under the Prevention of Money Laundering Act or PMLA.

Chidambaram and his son were named by Peter and Indrani Mukerjea, who owned INX Media at the time and are currently in jail in connection with the murder of Indrani Mukerjea’s daughter Sheena Bora.