The plea was rejected by Special ACB Court Judge H J Joshi.
In their bail plea, Gupta and others had contended that they should be given the relief since the investigation against them is already over and a charge sheet has been filed by the probe agency CID Crime.
However, public prosecutor Varsha Kiran Rao opposed their bail plea and told the court that further investigation is still on against the accused.
She argued that if Gupta is given bail at this point, there is a possibility that he may influence the probe. Based on these arguments, Special Judge H J Joshi rejected the bail plea.
The CID Crime had arrested Gupta, the former chairman of Ahmedabad-Gandhinagar Metro rail project, on May 14, alleging that financial irregularities to the tune of Rs 113 crore took place during his tenure in Metro link Express for Gandhinagar and Ahmedabad (MEGA) in 2012.