This is the third case in which Naik was granted bail. He was given bail in an extortion case and an anticipatory bail in another one earlier. This has paved a way for his release.
Joint Commissioner of Police (Crime) Himanshu Roy confirmed the development.
Naik's lawyer Bharat Mane said he was released on a bond of Rs 25,000.
In the first case, which was registered at N M Joshi Marg Police Station, the sessions court had granted Naik anticipatory bail on June 6. It was a case of extortion registered against him by a BMC contractor.
After he was granted anticipatory bail, the Crime Branch had arrested him in another extortion case and on June 18, he was arrested in third extortion case.
