Additional Chief Judicial Magistrate of Alipore court Saugata Roy Chowdhury rejected the bail pleas and remanded the two to CBI custody for five days.
Praying for Manoranjana Sinh's interim bail, her counsel Biplab Roy submitted that the former journalist was in no way involved in the scam.
He submitted that Sinh would comply with any condition put by the court.
He also claimed that Ghosh had cooperated with ED when he was earlier arrested by them.
Opposing the bail prayers, CBI counsel Parthasarathi Dutta submitted that the Saradha scam was a chain and both Sinh and Ghosh were part of it.
He argued that CBI needed to look into their alleged roles in the larger conspiracy and sought rejection of their bail plea.