Additional chief judicial magistrate, Bidhannagar, Apurba Kumar Ghosh, passed the order after Ghosh was produced before him amid tight security.
While Ghosh's counsel sought his bail, the police sought his custody for seven days for further investigation.
The Rajya Sabha member was arrested on Saturday night in connection with the Saradha ponzi scam.
Ghosh, who was suspended from Trinamool Congress for anti-party activities in September, tried to say something to the judge but he was not allowed.
His arrest was made in connection with a complaint filed by the general manager of a company Broadcast Worldwide.
Ghosh, the CEO of Saradha Group's media arm, was charged under sections 420 (cheating), 406 (criminal breach of trust) and 120B (conspiracy) of the IPC.
Ghosh told reporters outside the court that he was on a fast since last night to protest the alleged cruel behaviour of the police towards him.
Before his arrest, the MP had filed an FIR against deputy commissioner of detective department (DCDD) of Bidhannagar Police Commissionerate, Arnab Ghosh, alleging 'criminal blackmailing' by him.
He had alleged that the police officer had asked him to reply to questions which were beyond his comprehension or face arrest.