Sheetal was arrested for alleged evasion of duty on diamonds and jewellery worth Rs 53 lakh, carried by her on return from London.
Sheetal, came out of the Byculla jail after formalities for furnishing cash and surety were over.
Sheetal is the wife of industrialist and scion of Mafatlal group Atulya Mafatlal.
Sheetal stood in the court for two hours while Atulya was beside her during the entire court proceedings. Atulya has claimed that Sheetal is an NRI and therefore, the Indian customs laws are not applicable to her.
Sheetal’s lawyer moved the bail application on Tuesday and argued that she had no other case against her and that she was willing to pay duty if there was a violation.
Public prosecutor Arun Gupte contended that Sheetal was guilty of offences under the Customs Act which were non-bailable.
He alleged that she had smuggled goods including jewellery worth Rs 53.67 lakh. She had not declared goods and walked through the green channel, he said.
Gupte argued that the customs authorities needed to investigate whether Sheetal had been bringing jewellery in the past and if other people were involved in the smuggling of the jewellery. On hearing arguments, the court granted her release on bail of Rs five lakh in cash or surety and asked her to deposit Rs 18 lakh with the Air Intelligence Unit of the customs.
She was also directed to report to the customs twice a week on Mondays and Thursdays.
The court also told her not to leave the country without the permission of the court.
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