"Investigative agencies are being used for political vendetta by the ruling party," said Trinamool MP Kalyan Bandopadhyay, reacting to the order.
Sudip Bandopadhyay's wife, Nayana, who is a Trinamool MLA, said, "I am happy he has got bail. I am worried about his health. I have to now plan his further treatment. I shall seek the party leadership's advice."
Another Trinamool MP, actor Tapas Pal, also arrested in the same chit fund case just a few days before Mr Bandopadhyay, is however still in jail and lodged in a hospital at Bhubaneswar.
One of the CBI's main arguments against bail for Mr Bandopadhyay was that he was a person of influence. He is the leader of the parliamentary party in Lok Sabha.
Mr Bandopadhyay is expected to be released in the next couple of days.