GCA life member Vilas Desai had filed a complaint on June 3 against Association president Chetan Dessai, its secretary Vinod Phadke and treasurer Akbar Mulla, accusing them of siphoning off Rs 3.13 crore by forging signatures.
The trio were arrested on June 15, after the EOW filed a case in this regard.
The accused officials filed the bail plea before the judicial magistrate in Panaji, who heard the arguments today.
Desai, and two other life members of GCA, Hemant Angle and Prasad Fatarpekar, have filed an intervention petition before the JMFC, seeking they be heard before order is delivered on the bail.
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