"The argument given for bail is that he has deep roots in the society, but I would say the case has much more deep rooted conspiracy," Additional Solicitor or General KM Natraj representing ED told Special CBI Judge Kumar Kuhar.
The court was hearing the arguments on the bail plea filed by the Karnataka Congress leader.
The agency also said that Shivakumar remained non cooperative and evasive and did not answer even the basic questions.
"Being an influential and powerful person, he is in the whole likelihood to hamper the investigation," the ED told the court.
Concluding his arguments, the ASG said, "My respectful submission while concluding the arguments is that it is not a fit case for grant of bail. This is a case where the accused amassed huge wealth without a source. The person was not disclosing the source,A when the foundation collapses, the structure has to fall."
Opposing the prosecution's claims, senior advocate Abhishek Manu Singhvi said, "How is it possible that you have only charged IT Act against me, which is not even a scheduled offence, and I am not prima facie entitled to bail? This is not a case of conviction."
"There are only 20 active accounts then where is the figure of 317 accounts coming from?," Singhvi questioned.
"Show me the 21st account and I. would sit down," he added.
The court after hearing arguments from both the sides has kept the matter for further directions post lunch.
( With inputs from IANS )