Additional Sessions Judge Sidharth Sharma dismissed the bail plea due to the serious allegations against the accused.
The Enforcement Directorate had opposed the plea given the gravity of offences.
Wani's counsel M S Khan sought bail on the ground of changed circumstances after the Supreme Court struck down a part of Section 45 of the Prevention of Money Laundering Act (PMLA) -- dealing with conditions for bail -- as "unconstitutional".
Public Prosecutor Navin Kumar Matta and Rajeev Awasthi said that Supreme Court verdict did not entitle everyone to bail in PMLA cases.
The ED filed a charge sheet against Wani and Kashmiri separatist leader Shabir Shah under the PMLA in September.
Wani was arrested on August 6. He had reportedly confessed that he had passed on hawala money of Rs 2.25 crore to Shabir Shah.
Shah was arrested on July 25 on charges of money laundering in a 2005 case when Delhi Police Special Cell had arrested Wani.
In the 2005 case lodged by the Special Cell, the court had acquitted co-accused Wani of the charges of criminal conspiracy and other offences but convicted him under the Arms Act, his defence counsel had told the court.
The ED submitted that a conviction under the Arms Act is a trigger point to take action under the PMLA.
Both have denied the charges against them.