Biswal and his wife were interrogated last November too. He was picked up last evening.
Earlier, the CBI had raided 36 locations across Odisha, including Biswal's residences in Cuttack and Bhubaneshwar.
Charge sheets have already been filed against Seashore CMD Prashant Kumar Dash and others.
BJD lawmaker arrested in Seashore chit fund scam
What is the case about?
Seashore had come under investigation after the SC ordered its finances probed. The ED had registered a case in 2014.
According to sources, Biswal and his wife sold a plot to Seashore. Dash paid Rs. 25L in cheques. He later cancelled the deal and demanded his money back.
Seashore's property worth Rs. 242cr has been attached under PMLA earlier. Dash was arrested in January'15.
BJD terms it "vindictive politics"
Earlier, BJD lawmaker Prabhat Tripathy was arrested; he is out on bail. BJD MP Ramchandra Hansdah was also in jail for his alleged involvement in the scam. The BJD has termed these a political move and accused the Centre of using CBI against other parties.