"I find no merit in the bail application moved by the accused Bhanot. Therefore, his bail application is dismissed," Justice Mukta Gupta said.
CWG OC chairman Suresh Kalmadi's close aide, Bhanot was arrested along with OC director General V K Verma on February 23 for striking a Rs 107 crore deal with a Swiss firm -- Swiss Timing Omega in procuring the Timing, Scoring and Result System for the Games held last year.
Earlier, Special Central Bureau of Investigation Judge Talwant Singh had also dismissed Bhanot's bail plea.
In the chargesheet filed on May 20, CBI named Kalmadi, Bhanot, Verma and eight others including two companies.
According to the chargesheet, the accused allegedly awarded the Rs 141 crore-contract to the Swiss firm to install a TSR system for the Games at an exorbitant cost, causing a loss of over Rs 90 crore to the exchequer.
All the accused have been indicted for various offences, including those of criminal conspiracy under Section 120(B), cheating (Section 420), forgery (Section 468 & 471) of Indian Penal Code and the Prevention of Corruption Act.
The CBI said it might file a supplementary charge sheet, if need be, as further investigation is on and certain aspects are yet to be probed.