Additional Sessions Judge Ajay Kumar Kuhar dismissed the application while noting the submissions made by the ED's special public prosecutor Nitesh Rana who said the stage was not fit for the grant of relief.
Rana told the court that if granted the relief, the accused may influence the witnesses and hamper the probe.
The accused was arrested by the agency after a raid in connection with a black money probe which led to the alleged seizure of Rs 13.6 crore from his law firm.
The apex court had also ordered fresh arguments in all cases in which bail was denied because of these conditions.
A Delhi court had earlier denied him bail in January last year, saying he may influence material prosecution witnesses if he is released on bail.
The ED had alleged that Tandon was involved in illegal conversion of nearly Rs 60 crore demonetised currency.