Adrei Kilin (43), an international award-winning photographer and videographer, and Denis Rozkhov (43), a translator and a devotee of the Iskcon temple, were granted bail by Justice Abhay Thipsay on Tuesday.
Additional public prosecutor Rajeshree Gadhvi opposed their bail saying that if the duo was granted bail, they may not be available to the investigators as and when required.
However, the court granted bail on the grounds that the investigating authority had already filed the charge sheet in the case after completion of the probe and that the passports of the accused had been confiscated.
The two accused are yet to be released from the high security central jail in south Mumbai as they were required to be produced before Guwahati High Court in a similar case registered against them by the police in that city.
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The Economic offences wing (EOW) of Mumbai police had registered an FIR on June 3 against Mavrodi Mondial Moneybox India or MMM India, which promised investors high returns in a short period. The fraud mastermind, Sergei Mavrodi, a Russian national, is also wanted in this case.
Mumbai police has so far arrested seven accused including three Russians-- Adrei, Denis and Mikhal Gulkhov.
The accused were first arrested by the Guwahati police in a cheating case there. Mumbai police filed a production warrant in a Guwahati court and secured the accused's custody.