Gupta, who was earlier directed by the Principal Special Judge for CBI cases to appear before it on August 23 and also present himself before CBI from August 24 to September 6 for interrogation, had filed a petition seeking anticipatory bail through his counsel in the court.
The CBI, however, opposed granting of anticipatory bail to the accused.
According to CBI, Gupta conspired with the other accused and caused loss to the state exchequer in the sale of villa plots in the Emaar township that was jointly developed by Emaar and the Andhra Pradesh Industrial Infrastructure Corporation (APIIC).
Gupta is charged with "misappropriation" of public money and assets.
CBI in its chargesheet filed on February 1 against the suspended IAS officer B P Acharya (then Chairman and Managing Director of APIIC) and others comprising individuals and private companies had charged them under relevant sections of IPC and Prevention of Corruption Act in the alleged irregularities in land transfer and sale of villas and apartments in the township project at Gachibowli here.
The central agency had alleged that APIIC was deprived of its legitimate revenue share to the tune of Rs 43.5 crore from the Integrated Township Project it developed jointly with Emaar Group at Gachibowli even as Emaar Properties and Emaar MGF obtained pecuniary gain of about Rs 167 crore.