The single bench of Justice H C Mishra rejected his bail petition on the ground that there was direct involvement of Koda in the case.
The CBI has charged Koda with getting illegal gratification in the allotment of contract of the Rajiv Gandhi Rural Electrification Scheme to a Hyderabad-based company during his chief ministerial tenure between 2006 and 2008.
The investigating agency further alleged that the bribe was taken by Koda's alleged aide Binod Sinha to deposit in foreign countries through Hawala.
Both Koda and Sinha are in judicial custody.
The CBI took over the case in October, 2011 from the vigilance department, which arrested Koda on November, 2009.
Koda has got two bails in separate cases earlier.
