A bench of justices Dalveer Bhandari and Deepak Verma dismissed Jagan's plea refusing to interfere with the high court's order.
The bench said 'at this stage' no interference is required into the high court order as it is only a preliminary enquiry and the high court can refuse to proceed against him if nothing substantial comes out against him in the probe.
The bench, however, asked the high court to give a copy of the CBI probe report to Jagan if it decides to proceed against him on the basis of the agency's findings.
The bench turned down the plea of senior advocate Mukul Rohatgi, who appearing for Jagan, tried to convince the court that there is nothing against the politician and there is a political rivalry behind this.
Earlier this week, Jagan had moved the Supreme Court seeking a stay on the Andhra Pradesh High Court order for a preliminary probe by CBI into alleged disproportionate assets accumulated by him.
Son of late Chief Minister Y.S. Rajasekar Reddy, he floated his own YSR Congress Party on whose symbol he and his mother won the Kadapa Lok Sabha and Pulivendla assembly seats in the recent by-polls - after being denied the top post in the state.
The petition challenged the July 12 high court order arguing it was 'illegal' 'erroneous' and "unsustainable' and deserves to be quashed.
Jagan contended the High Court did not have the jurisdiction to order a preliminary CBI probe on a 'politically motivated' petition.
He has sought quashing of the High Court order which directed CBI to submit its report in two weeks.
The High Court had passed the order on the petition filed by Andhra Pradesh Textiles Minister P. Shankar Rao accusing Jagan of amassing huge wealth using his late father's position as chief minister.
Rao had filed the petition before becoming the minister.
The High Court had said it will decide on the issue of a full-fledged inquiry based after the preliminary report from CBI.
The minister accused the Kadapa MP of money laundering by floating fictitious firms and routing the black money through some companies in Mauritius.
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