“Prima facie, not even a single contract of the accused has been fulfilled, which shows his conduct is not bonafide,” the Metropolitan Magistrate said.

Taking note of the complaints of the IT professionals who had gathered at Patiala House courts complex, the Magistrate said, “Keeping in view the enormity of the offence and initial stage of investigation, the bail application of the accused stands dismissed.”

K K Chaturvedi, 60, chairman of ‘Life Business India’, had hired IT professionals after allegedly collecting hefty security deposits from them.

Chaturvedi was arrested on Saturday after an FIR was registered at Badarpur Police Station in south Delhi. His three sons, reportedly the directors of the company, remained elusive.

As per the FIR, the company had taken security of Rs 50,000 to 75,000 from job aspirants and posted them at 16 centres in June last year.