Majumdar, who had worked as Director General (Armed Police) in West Bengal, was allegedly associated with Saradha Group, which has been accused of duping thousands of investors with crore of rupees, official sources said.
He was arrested by the CBI today. Majumdar, who has been denying allegations against him, will be produced before a designated court here, they said.
CBI has registered four FIRs against Saradha Group in the chit fund scam.
The Supreme Court had handed over the Saradha chit fund scam probe to CBI and asked the state governments to provide all logistical help to the agency's team investigating the matter.