The 57-year-old British national told the court that he was not required for custodial interrogation and no purpose will be served by keeping him further custody.
Michel was in CBI custody for 15 days.
He was arrested in the UAE and extradited to India on December 4. The next day, he was produced in the court, which allowed his five-day custodial interrogation by the CBI which was later extended by five more days.
Michel is among the three alleged middlemen being probed in the case by the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI). The others are Guido Haschke and Carlo Gerosa.