While declining to grant bail, the apex court bench headed by Justice Aftab Alam rejected the petition, saying: "You will have to wait."
The rejection of the bail plea came after Additional Solicitor General Mohan Parasaran told the court that Jaganmohan was involved "in very serious economic offences which were unparalleled".
Parasaran told the court that the Central Bureau Of Investigation was tracing the footprints of his economic offences even in foreign countries, including in Mauritius and Luxembourg.
Senior counsel Gopal Subramaniam, who appeared for Jaganmohan, told the court his client was arrested when he was fully cooperating with the investigating agency that too on the eve of the by-election in the Andhra Pradesh.
The CBI in May this year had arrested excise minister Mopidevi Venkataramana. He resigned from the cabinet the same day.
Prasada Rao was holding the revenue portfolio and Mopidevi was in charge of infrastructure and investment in the cabinet of Y.S. Rajasekhara Reddy, father of Jaganmohan Reddy.
The CBI believes the ministers violated norms to extend several concessions to Nimmagadda Prasad, one of the promoters of Vadrevu and Nizampatnam Ports and Industrial Corridor (Vanpic).
According to the investigating agency, 28,000 acres of land was allotted to Vanpic, for which the then government of Rajasekhara Reddy had signed a memorandum of understanding with Ras Al Khaimah.
The project was allegedly favoured by the government in return for the investments Prasad made in the companies owned by the chief minister's son Jaganmohan Reddy.