Bhattachan was taken into custody by a team from the Central Investigation Bureau (CIB) of Nepal Police on Tuesday from Lalitpur.
According to police, he was arrested in connection with financial misconduct linked to the Prabhu Group.
Last year, Kusum Lama, Chairperson of Prabhu Group had filed a complaint accusing Bhattachan of embezzling more than Rs 980 million.
