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Representational Image.Victor/Flickr

Renowned Kolkata businessman Shibaji Panja, also a big supporter and a close adviser of West Bengal Chief Minister Mamata Banerjee, was arrested by the Bidhan Nagar City Police of Kolkata on Saturday in connection with a financial fraud case.

According to The New Indian Express, Panja, who had accompanied Banerjee on her maiden three-day visit to Bangladesh to hold talks on various issues concerning the two countries, was arrested by the police at the Netaji Subhash Chandra Bose International Airport immediately after his arrival.

Panja, who also holds the membership of West Bengal government's task force on information and culture was under suspicion for quite some time and a look-out notice was issued by the Delhi Police a few days back in connection with the fraud case.

"A look-out notice was issued by the Delhi Police against Mr Panja. In pursuance of that we arrested him today," NDTV quoted a senior police officer of the Bidhan Nagar Commissionerate as saying.

Panja who is a TV producer and industrialist by profession was involved in taking a loan of Rs 18 crore by submitting fake documents to the Industrial Financial Corporation, a government organisation which lends short term loans to firms.

A case of financial fraud was registered against Panja with the Delhi Police's Economic Offences Wing.