A two-judge bench of the apex court headed by Justice Jawwad Khwaja heard the plea requesting bail for the former minister.
The bench rejected the application after hearing the arguments.
During the proceedings, Additional Attorney General K K Agha said that evidence had been found of the involvement of Mr Kazmi, MNA Shagufta Jumani and Joint Secretary Raja Aftab Islam in the corruption.
Mr Agha further stated that the government would not protect the corrupt in its ranks.