Another accused Asrar Tailor, alias Sagari, was given a similar punishment in the case.
However, the special NIA court acquitted Azhar-ul-Islam Siddiqui alias Munna of all charges in the case.
The case, which was investigated by the Maharashtra ATS, was later handed over to National Investigation Agency (NIA).
According to the prosecution, the ATS had raided a private guest house in Wadala in August 2011 and arrested Naik. They recovered currency notes with a face value of Rs 9.75 lakh in Rs 1,000 and Rs 500 denominations from the place.
During Naik’s interrogation, he told the sleuths that Asrar had indoctrinated him to participate in “jihadi activities” after undergoing militant training.
Police later arrested Asrar and also held Azhar as he was also indoctrinated by the former.
The accused were booked under various sections of the IPC and Unlawful Activities Prevention Act (UAPA).
The ATS said that Naik had gone to Pakistan and underwent militant training organised by Lashkar-e-Taiba and al-Qaida.
The NIA had later taken over the case.
Naik’s lawyer Abdul Wahab Khan and Sharif Sheikh told the court that Naik was arrested as soon as he landed in Mumbai from Saudi Arabia.
Special judge V P Avhad convicted Naik and Asrar only for posession of FICN and acquitted them of all other charges, including that of UAPA. Azhar was acquitted of all charges.
Naik is also an accused in the 2011 Mumbai triple blasts case.
Three powerful blasts ripped through crowded areas in Mumbai on July 13, 2011, killing at least 21 people and injuring 141.