Indian tycoon Subrata Roy. Pic: AP.

NEW DELHI (AP) — India’s Supreme Court has rejected an appeal by an Indian tycoon accused of a multibillion dollar fraud to be released from jail and allowed house arrest.

Subrata Roy, head of the Sahara India conglomerate, has been jailed since the end of February on charges that his company failed to return billions of dollars to investors.

The court Wednesday allowed the Sahara group to sell properties in nine Indian cities after the company said it had not succeeded in raising $1.68 billion to obtain bail for Roy.

Sahara is well known throughout India because it sponsors the Indian cricket team. The company has interests in microfinance, media and entertainment, tourism, health care and real estate, including New York’s landmark Plaza Hotel and London’s Grosvenor House.