The body of Akash Agarwal, a first-year student of B-Pharma was found near railway tracks on Friday, they said.
His family members had lodged a police complaint suspecting foul play in his death and alleged that he was regularly ragged by senior students.
After receiving the complaint, police today called 10 senior students of the college at Uluberia for questioning.
After questioning them, four students were arrested on the charge of alleged ragging and abetment of suicide, police said.
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Police suspect that Akash was run over and killed by a train.
His family members had also lodged a complaint with the institute alleging that he was regularly ragged by the seniors, they said.
The authorities of the college had yesterday suspended five students after they received the complaint from Agarwal's family.