Rejecting his bail plea, the court of additional chief judicial magistrate (Bidhannagar) ordered him to be sent to police custody for five days, counsel said.
Kunal Ghosh was remanded in police custody for five days by a WB court.
Ghosh, the CEO of Saradha's media arm, was arrested Saturday night and has been charged under Sections 420 (cheating), 406 (criminal breach of trust) and 120B (conspiracy) of the Indian Penal Code (IPC).
Meanwhile, police searched Ghosh's residence in the city.
Police after his arrest said that they have enough evidence to indicate that "Ghosh played an equal part with Sudipta Sen (Saradha promoter and scam kingpin) in most of his misdeeds".