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The court also ordered their release from police custody.
Justice M Nagaprasanna issued the stay while hearing the petition from the three accused, who were recently detained following a complaint by Sunita Chavan, spouse of former MLA Devanand Phool Singh Chavan.
The complaint alleged cheating and breach of trust, claiming that the accused had taken Rs two crore, promising to secure a BJP ticket for the Lok Sabha elections, but did not fulfill their commitment.
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The petitioners assured the court they remained committed to repaying the amount.
Pralhad Joshi has distanced himself from the case and has said that he had nothing to do with his brother.