A couple of pleas by Manjeshwar MLA M C Kamaruddin to quash the cases against him as well as his bail application were rejected on Thursday.
While the Kerala High Court rejected the plea to quash the FIRs, a local court in Kasargod rejected his bail plea.
Kamaruddin, who is a leader of the Indian Union Muslim League, was arrested by the police on last Saturday in connection with over 100 petitions alleging that he has cheated investors of the Fashion Gold Jewellery business chaired by him.
Another accused in the case, IUML leader Pookoya Thangal, who was the managing director of the firm, is absconding.