Moderated threads are visible to members
 

I am using an anti-spam plugin that moderate threads based on content inside them.

The problem I am facing is that these threads are still visible to the members of the forum.

Only the thread titles are visible... The threads do not open for them.

I could not locate any settings in the admin panel to hide moderated thread from the various views.

What could I be doing wrong?

Moderated threads should not be showing to users at all unless they are moderators themselves.

Try disabling your modifications/plugins and see if you still have this problem.
Note: To temporarily disable the plugin system, edit includes/config.php and add this line right under <?php