It is an identical offer to the bail condition granted last week to former Olympic Council of Ireland president Patrick Hickey, who will be able to return to Ireland for medical treatment if he lodges the same payment.
Judge Silvia Regina Portes Criscuolo ruled Mr Mallon can have his passport returned if he pays the bond of BRL$1.5m and commits to returning to Brazil as required.
Another judge, Juliana Leal de Melo, had ruled in Mr Hickey’s case last week. But it remains unclear if or when the pair will make the required payments or the date they will be able to fly home.
They are accused of being at the heart of an international touting ring in Olympic tickets issued to the OCI and sold by THG, the company that employs Mr Mallon.
The touting of tickets for above face value is a criminal offence in Brazilian law. The pair deny any wrongdoing.
Mr Mallon was arrested while hosting a reception for ticket holders in Rio de Janeiro on August 5, the day of the Olympics opening ceremony. Mr Hickey arrested later at a five-star hotel.
Since their release from the notorious Bangu prison in Rio, the pair have been keeping a low profile in the city.
Last week, Judge Melo also granted prosecutors the right to examine confidential data on phones and computers seized during the investigation for a period of 30 days.
Last week, both the OCI and the International Olympic Committee ruled out paying Mr Hickey’s bond.
The 71-year-old has stepped aside from his Olympic duties until the conclusion of the investigation into the allegations.
An independent Irish inquiry, led by High Court Judge Carroll Moran, has appealed for affected fans to come forward with evidence.
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