He is currently in judicial custody and lodged at Taloja jail in neighbouring Navi Mumbai.
A special court here on Saturday rejected the bail plea of former policeman Sachin Waze, an accused in the case of an explosives-laden sports utility vehicle found near industrialist Mukesh Ambani's house and the murder of businessman Mansukh Hiran.
This is the second time that the special NIA court has rejected the former policeman's regular bail application in the case.
He is currently in judicial custody and lodged at Taloja jail in neighbouring Navi Mumbai.
In the plea, filed in April, Waze claimed that the entire case against him "is based on bald allegations with inadmissible material" that cannot be relied upon at any stage to prosecute him.
The plea stated that as a citizen of India, Waze has the highest regard for Ambani and his family members for their contribution to the growth of the Indian economy.
As a police officer, the applicant (Waze) is fully aware that the Ambanis are the "most strongly guarded private family" of India, thus "threatening" them that, too, with certain "unexplodable" low-quality explosives coupled with an irrelevant anonymous note, is one of the silliest things one could ever do, the plea had mentioned.
Under no circumstances, the applicant could even think of committing such a silly crime, it said.
The National Investigation Agency (NIA) had opposed the bail plea, arguing that industrialist Mukesh Ambani and his wife Nita were "terror-stricken" after the February 2021 incident.
The probe agency alleged that Waze, who was then an assistant police inspector with the Mumbai crime branch, parked an SUV with explosives outside Antilia as part of a conspiracy.
Mansukh Hiran had wrongly informed the police that the vehicle had been stolen from him, but when he later said he would reveal the truth, the conspirators allegedly killed him, it said.
It is clear that Waze is directly involved in the crime and committed offences punishable for conspiracy to commit a terrorist act, commission of a terrorist act, (being) a member of a terrorist gang, kidnapping and murder of Hiran and criminal conspiracy, the NIA had said.
An SUV with explosives was found near Ambani's residence on February 25, 2021. Hiran, a businessman who said he had the vehicle before it was 'stolen', was found dead in a creek in neighbouring Thane on March 5, 2021.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)