Karl Kachami, 48, is accused of staging Victoria's third largest robbery with his long-time friend and gold company employee Daniel Ede.

But while Kachami was granted bail in Melbourne Magistrates Court on Friday his 37-year-old co-accused failed in his bid.

"It was both serious and far from a comedy of errors, it was a planned but unrehearsed event," magistrate Ross Maxted said of the alleged offending.

At a previous hearing, Kachami described himself as an "entrepreneur" and said the crime was a "comedy of errors".

His co-accused Ede allegedly let his friend - dressed as a tradie with a mask - into the Melbourne Gold Company as it opened.

CCTV footage allegedly shows Ede "coaching" Kachami to point his gun at him, Mr Maxted said.

The men are accused of unloading the safes, removing around 24kg of gold bullion, jewellery and $716,970 in cash, before Kachami tied up his alleged co-conspirator.

After he was arrested Kachami led police to the bullion, jewellery and cash buried at his mother's property at Dollar in the state's east.

He had said it was a "victimless" crime and promised "no one would be hurt", Mr Maxted said of the alleged thief.

The accused gunman has been cooperating with police, but Ede has denied his involvement in the scheme and has made no comment in interviews.

But police said in the days after the alleged robbery Ede asked for directions to the town of Dollar, where some of the loot was uncovered.

More than $333,000 of cash remains missing.

Kachami faces five charges, including stealing, aggravated burglary and firearm offences. His medical conditions and lack of prior convictions along with his cooperation were among the reasons he was granted bail.

He was released with a $550,000 surety and must continue to cooperate with police.

Both men will face court next month.

Australian Associated Press