The Orissa High Court on Tuesday reserved its verdict on the bail plea of Trinamool Congress MP Sudip Bandyopadhyay, arrested for his alleged involvement in the Rose Valley Group chit fund scam.

The bench of Justice J P Das reserved the order on the TMC MP's bail plea after hearing arguments of both the prosecution and defence.

Bandyopadhyay had approached the high court in February seeking regular bail after his bail applications were rejected by the designated CBI court in Bhubaneswar and the Khurda district sessions court.

The CBI had arrested the Trinamool Congress leader in Lok Sabha from Kolkata on January 3, while probing into the scam on the Supreme Court's directions.

Bandyopadhyay is currently lodged in a special jail at Jharpada in Bhubaneswar.

The CBI has also arrested another TMC MP Tapas Pal for his alleged involvement in the chit fund scam.