The legislator from Cuttack-Choudwar was arrested from his residence at Mahanadi Vihar in Cuttack following a marathon round of questioning.
Pravat and his wife Laxmi Bilasini Biswal were earlier quizzed by the investigating agency for several times over the land deal with the chit fund company.
The CBI has been investigating Biswal’s land deal with Seashore Group since 2014 for a land measuring 34 ‘guntha’ at Benapur Mouza in Jajpur district. The ponzi firm’s chief Prashant Dash had claimed to have paid Rs 25 lakh in cheques for the land in April 2012 while the rest amount was to be paid after registration. But the deal was later cancelled and the ponzi firm wanted the money back.
However, the MLA and his wife claimed to have refunded the money.