Sail, owner of Mallikarjuna Shipping Corporation, was produced before the court, which allowed a CBI plea seeking his custody, a CBI official said here.
An MLA from Karwar, Sail was arrested yesterday following his interrogation by the CBI.
He is the second MLA to be remanded in the case this week.
The court yesterday had sent BSR Congress MLA Suresh Babu to judicial custody till September 27.
The scam was exposed by former Karnataka Lokayukta N Santosh Hegde, who in his report, had said 7.74 million tonnes of iron ore were illegally exported between 2006-07 and 2010-11, causing huge loss to the exchequer.
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