The court also allowed accused-turned-approver and a Dubai-based businessman Rajiv Saxena to travel abroad for medical treatment, asking him to deposit as security fixed deposit receipt of Rs 50 lakh.
Gupta was arrested on March 26, a day after the court allowed Saxena to turn approver.
Granting bail to Gupta, Special Judge Arvind Kumar asked him to furnish a personal bond of Rs 5 lakh with two sureties of like amount each.
The court also asked Gupta, a US citizen, not to leave the country without permission, not to tamper with the evidence or influence witnesses and join the investigation whenever required.
It observed that Gupta, 44, had roots in the country as his family was based in India as his three minor children were studying in Delhi.
The court observed the Enforcement Directorate's contentions that accused may abscond appeared to have little substance. It observed Gupta had joined the investigation whenever required.
The charge-sheet in the case against Gupta had already been filed on May 22, it noted.
According to the ED, Saxena, in connivance with lawyer Gautam Khaitan, developed the global corporate structure that laundered money for payment to politic, bureaucrats and Indian Air Force (IAF) officials to influence the contract for supplying 12 VVIP choppers in favour of the Rome-based helicopter design and manufacturing company AgustaWestland.
( With inputs from IANS )