Justice U V Bakre granted bail to Vihari after the Directorate of Revenue Intelligence stated that it did not require her further custody.
She will have to produce a surety for Rs five lakh, and cannot leave the city without the court's permission.
Vihari, the daughter of Rajesh Sheth who owns Vihari Jewels and the wife of businessman Abhishek Poddar, was arrested on August 2 by the DRI for allegedly trying to smuggle in diamond-studded gold jewellery in her inner wear.
Officials suspect that she might have have smuggled contraband at least on six occasions in the past.
The sessions court had refused her bail, following which she approached the High Court.
