Adris Kheyali, 23, applied for bail in the Victorian Supreme Court on Tuesday after he was charged in April with Mohammed Keshtiar's murder.
Mr Keshtiar, who was linked to outlaw motorcycle gangs and Middle Eastern crime groups, was walking with another man in South Yarra in August 2023 when he was shot at from a car.
Police allege Kheyali was the gunman who then got out of the vehicle and fired further shots to ensure Mr Keshtiar was dead.
Kheyali was first arrested over the killing in September 2024 but was released pending further police inquiries.
He was re-arrested and charged with murder on April 4 after a person, known under the pseudonym Witness O, gave a statement to police.
Kheyali's barrister Dermot Dann KC told the court his client maintained his innocence and the prosecution case against him "had its problems".
Mr Dann pointed to the lack of forensic evidence and incriminating messages on Kheyali's phone, as well as the fact his client had made no admissions and instead denied any involvement.
"It certainly can't be said it's a strong case," Mr Dann told the Victorian Supreme Court.
Kheyali's mother, grandmother and uncle had put forward a $800,000 surety in support of his bail and the 23-year-old would comply with electronic monitoring if released, Mr Dann said.
The barrister also argued Kheyali was not a flight risk, despite being born in Afghanistan and his wife living in the foreign country.
Mr Dann noted Kheyali had the rest of his family in Melbourne and he had travelled three times since Mr Keshtiar's death and returned back to Australia without any issues.
Kheyali had been prohibited from leaving the country since September after he was bailed on unrelated drug possession and driving offences.
But Mr Dann said his client followed those bail conditions even though his wife was in a coma after giving birth to their stillborn child in November.
Those factors, alongside potentially lengthy delays in the court proceedings, warranted Kheyali being released into the community on stringent bail conditions, Mr Dann said.
But prosecutor Peter Pickering argued there were no conditions that could reduce the risk of Kheyali reoffending, fleeing the country or contacting witnesses.
He alleged Kheyali was the one who got out of the car after Mr Keshtiar was initially shot and fired more bullets to ensure he was dead.
"This is not a just a random shooting - this is a targeted attack," Mr Pickering told the court.
He argued Kheyali would be able to identify Witness O and could potentially interfere with the witness.
He conceded the $800,000 surety was a large amount but argued the family's ability to monitor Kheyali and ensure he complied with bail was very limited.
Kheyali blew kisses and said "I love you" to family members as he was led out of the courtroom on Tuesday afternoon.
He also thanked Justice Rita Incerti, who will hand down her bail decision on Wednesday.