Metropolitan Magistrate S Saravanan granted bail to Aggarwal on the condition that he should appear before the Crime Branch CID in the city every day and surrender his passport.
Aggarwal was arrested on June 10 by the CB-CID police at the end of a seven-hour-long grilling over his alleged links with a bookie and betting on cricket matches of Indian Premier League.
The relief for Aggarwal came a day after he was lodged in the central prison here on expiry of his police custody.
Meanwhile, police sources said CB-CID of the Tamil Nadu Police would coordinate with Mumbai Crime Branch, in connection with the case.
The hotelier, summoned by Mumbai Crime Branch, had appeared before it on May 31 in connection with a separate case on IPL betting.
Owner of two hotels in Chennai, Aggarwal is a friend of suspended CSK team principal Gurunath Meiyappan, who was also arrested on similar charge.