Justice Sadhana Jadhav granted him bail in the sum of Rs 1 lakh, his lawyer Ranjit Sangle said.
Ali was arrested under PMLA in 2011 on the charges of money-laundering and stashing huge amounts of black money in foreign banks.
His bail plea had been rejected many times earlier by various courts.
Maharashtra Advocate General Anil Singh, who had opposed Ali's bail, said there is a Supreme Court judgement which says that if an accused has spent half the sentence period the offence entails in jail, he or she is entitled to bail.
Ali is also accused of obtaining five passports in different names.
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