Special CBI Judge Swarana Kanta Sharma said the (bail) application is rejected.
During arguments on the anticipatory bail plea, Singhal's counsel told the court that his client should be granted the relief as he was ready to co-operate in the ongoing probe.
His counsel argued that the allegations levelled against his client were patently incorrect and the facts were distorted.
CBI, however, opposed the bail plea contending Singhal was involved in the entire conspiracy.
To support its allegations against Singhal, the agency submitted in the court some documents seized from Bhushan Steel and Syndicate Bank during the raids.
The court, after hearing the arguments from both the sides, dismissed the anticipatory bail plea of Singhal.
On August 2, CBI had arrested six persons, including Chairman-cum-Managing Director of Syndicate Bank S K Jain, for allegedly taking bribe of Rs 50 lakh for increasing credit limit of some companies in violation of banking rules.
When a CBI team reached Singhal's residence here on August 1 to carry out searches in connection with alleged bribe of Rs 50 lakh given to Jain, he was present there, CBI sources had said.
Despite directions from the CBI Chief, the team returned from his residence without arresting him after giving notice under section 160 of CrPC asking Singhal to appear before the agency on August 2, they had said.
They had said that soon after the team left, Singhal allegedly escaped and has not been arrested till now despite repeated attempts by CBI. Singhal then filed an anticipatory bail plea in the court.
CBI Director Ranjit Sinha has ordered an internal inquiry after his team did not arrest Singhal during searches at his residence despite his clear instructions to pick him up.