Former president of the Calcutta Stock Exchange, Kamal Parekh, was arrested in connection with the Rs 120 crore (Rs 1.2 billion) payment crisis of the bourse.
Deputy Commissioner of Police (detective) Soumen Mitra said Parekh was arrested on Wednesday after inconsistencies were found in his statements during interrogation.
The Kolkata Police has so far arrested 20 people, which included the big bull Ketan Parekh and the three alleged main defaulters -- Harish Chandra Biyani, Ashok Kumar Poddar and Dinesh Kumar Singhania -- in connection with the crisis.
Each of them had spent three months in custody before being released on bail.