The top court said James would be released on bail, subject to terms and conditions decided by the trial court.
The alleged scam relates to the purchase of 12 VVIP helicopters from chopper design and manufacturing company AgustaWestland.
James moved the apex court challenging the Delhi High Court's September 25, 2024 order refusing him bail in the case.
James, a British national, was extradited from Dubai in December, 2018, and was subsequently arrested.
The CBI chargesheet had alleged an estimated loss of 398.21 million euros (about Rs 2,666 crore) to the exchequer due to the deal that was signed on February 8, 2010, for the supply of VVIP choppers worth 556.262 million euros.
Popular in India
The Enforcement Directorate, in its chargesheet against James in June, 2016, in a related money laundering case, had alleged he received 30 million euros (about Rs 225 crore) from AgustaWestland.
On February 7, 2023, the top court had denied bail to James while rejecting his submission that he had completed half of the maximum sentence in the cases.