"There is a bail appeal set down for tomorrow (Friday) in the Bloemfontein High Court, but we agreed we will deal with it virtually. We are appealing against the decision of the learned regional magistrate who refused him bail," Sharma's lawyer, Mannie Witz, told News24.

Magistrate Estelle de Lange denied Sharma bail in June, saying after considering the matter she found there was a strong case against the accused and that there was a likelihood he would flee the country.

She also said no amount of bail would secure his stay in the country.

The State had argued that Sharma had the "means and incentive" to flee the country should he be granted bail.

Sharma was arrested on fraud and money laundering charges to the tune of R25 million linked to the Estina dairy farm project.

His co-accused – former Free State officials Peter Thabethe, Limakatso Moorosi, Seipati Dlamini and his brother-in-law Dinesh Patel – were released on R10 000 bail each.

The accused face charges of fraud and money laundering in connection with a multimillion-rand feasibility study which the Free State Agriculture Department contracted to Nulane Investments, according to Investigating Directorate (ID) spokesperson, Sindisiwe Seboka.

The ID alleges the accused colluded to divert funds meant for rural development in the province to Islandsite Investments 180, a company owned and controlled by the Gupta family.

News24