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At least 26 cases, mostly related to job fraud, are registerd against the 56-year-old.
The bench observed that a father has the right to know the reasons behind his son's death. The court directed the CBI to complete the investigation and submit the report within three months.
The CBI made this statement in the court during the hearing on a petition filed by Balabhaskar’s father, K C Unni, seeking a fresh investigation into the case.
The tragedy occurred as the family was returning after visiting the Vadakkumnathan Temple in Thrissur for an offering in the name of Thejaswini.
Balabhaskar's family will appeal against the lower court's decision in the High Court.
CBI Deputy Superintendent of Police Ananthakrishnan filed the charge-sheet in the case before the Chief Judicial Magistrate's court at Thiruvananthapuram.
The CBI has arraigned Arjun who was behind the wheels at the time of the accident as an accused in the case.
Sobi also trashed latest media reports stating that statements he had given in connection with Balabhaskar's death are lies and he had not co-operated fully with the probe.
Arjun's statement that Balabhaskar was behind the wheels at the time of the accident has also been found to be untrue.
The fact that two of Balabhaskar’s friends, Prakashan Thampi and Vishnu Somasundaram, were accused in a Thiruvananthapuram airport gold smuggling case and Sobi’s statement about what he saw at the accident site had given rise to suspicion about the gold smuggling connection.