An apex-court bench headed by Justice P Sathasivam had on Monday reserved the order after hearing the arguments of both the Jagan's lawyer and the CBI.
The investigating agency had opposed the plea of Jagan, as the MP is popularly known, saying releasing him on bail at this stage would affect the investigations as he may influence the witnesses.
The CBI had also informed the court that they required four to six months to complete the investigation.
Y.S.Jagan, son of late Andhra Pradesh chief minister YS Rajasekhara Reddy, would complete one year in judicial custody on May 27.
The CBI told the court that the investigation into 'paper companies' in Mumbai, Kolkata and other places was continuing. It also said the crime involving dealings of thousands of crores of rupees extended to seven countries.
The federal agency clarified that its investigation had nothing to do with politics.
Arguing on behalf of Jagan, senior counsel Harish Salve accused the CBI of saying one thing in the High Court and another in Supreme Court. He said the CBI was misleading the court and wondered how long his client would be kept in jail.
The apex court in October last year dismissed Jagan's bail petition. His subsequent pleas were also dismissed by the trial court and the Andhra Pradesh High Court.
Former state minister Mopidevi Venkatramna and industrialist Nimmagadda Prasad were among those arrested by the CBI. Two ministers, including Home Minister Sabita Indra Reddy, were named as accused in the CBI charge sheets.
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