"Investigative agencies are being used for political vendetta by the ruling party," said Trinamool MP Kalyan Bandopadhyay, reacting to the order.
Sudip Bandopadhyay's wife, Nayana, who is a Trinamool MLA, said, "I am happy he has got bail. I am worried about his health. I have to now plan his further treatment. I shall seek the party leadership's advice."
Another Trinamool MP, actor Tapas Pal, also arrested in the same chit fund case just a few days before Mr Bandopadhyay, is however still in jail and lodged in a hospital at Bhubaneswar.
Mr Bandhopadhyay has been set three conditions for bail. He will have to pay a bond of Rs 25 lakh, hand over his passport to CBI and refrain from exercising any influence on the investigations against him.
One of the CBI's main arguments against bail for Mr Bandopadhyay was that he was a person of influence. He is the leader of the parliamentary party in Lok Sabha.
Mr Bandopadhyay is expected to be released in the next couple of days.