Federal prosecutors filed their opposition to 49-year-old Rana's bail plea before the court yesterday.
Pakistan-born Canadian national Rana, who was arrested by the FBI in October last year, has been asked to respond to this opposition by January 20.
On Thursday, Rana along with three others, including David Coleman Headley -- a US national of Pakistani origin, was indicted by a federal grand jury on 12-count charges of being involved in the Mumbai attacks and planning a terror strike against a Danish newspaper in Copenhagen.
In papers filed before the Chicago court, federal prosecutors noted that Rana has been indicted on charges of planning the Mumbai terrorist attack which killed 166 people, including six Americans.
Opposing his bail plea, they said Rana was also facing a possible 30-year sentence with regard to plotting attack on the Danish newspaper.