Special judge Geetanjali Goel rejected the bail plea.
On June 14, the special CBI court in the national capital had reserved its order on the bail application after hearing the arguments of the ED and defence counsel.
A day earlier, the Minister's custody to the ED had been extended by two weeks.
On May 31, a day after Jain's arrest, the same bench had sent him to the agency's custody till June 9 which was further extended to five days.
He was rushed to a nearby hospital after he complained of uneasiness while leaving the Rouse Avenue Court, just after the court hearing on June 9.
The Minister was taken to the ED headquarters when he felt uneasy outside the court and was eventually hospitalised.
The CBI has accused Jain, his wife, and others of commission of offences under the Prevention of Corruption Act.
On March 31, the ED provisionally attached immovable properties worth Rs 4.81 crore belonging to companies beneficially owned and controlled by the Minister.
The ED on June 6 conducted raids at multiple locations belonging to Jain, his wife, and accomplices, who had either directly or indirectly assisted him or participated in the processes of money laundering.
The recovery of cash worth Rs 2.85 crore and 133 gold coins weighing 1.80 kg was made during the raid.