Dash was arrested by the CBI from Mumbai in December 2013 for allegedly duping hundreds of poor people, who had invested over Rs 500 crore in his company hoping for better returns.
The Bench of Justice C R Dash granted bail to Dash and directed him to deposit his passport with the Investigating Officer (IO).
The court also told Dash not to visit places outside the state without prior permission from the IO.
However, Dash, who is now lodged in a Bhubaneswar jail, is unlikely to walk free immediately as there are several other cases registered against him, sources said.
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