Additional Sessions Judge Dharmesh Sharma granted the relief to Praveen Kumar Thakkar, who had surrendered before the court on January 18, observing that other accused in the case are already out on bail.
Thakkar was granted bail on a personal bond of Rs 50,000 with one surety of the like amount and the court also imposed several conditions on him, including that he would not leave the country without its permission.
Thakkar was in police custody till today and the special cell told the court that he was not required for further custodial interrogation.
Police had earlier filed charge sheets against various accused, including underworld don Dawood Ibrahim, his aide Chhota Shakeel and suspended cricketers S Sreesanth, Ankeet Chavan and Chandila for their alleged involvement in the organised crime syndicate.
It had also issued non-bailable warrants against Ibrahim, Shakeel, Javed Chutani and Salman, who all are absconding.
Sreesanth, Chandila, Chavan and other co-accused are currently out on bail.
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