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Snehanshu Rakshit (54) had been reported missing by his family after he did not return home on Tuesday.
His body was found in a pond at Atchala Khudakhali in Sonarpur, tied up and wrapped in a sheet.
While there were no visible external injuries, blood clots were noticed in his nostrils and mouth, the police said.
Officers said Rakshit was under heavy debt and that he owned land in Sonarpur.
According to the missing complaint lodged by his family, Rakshit had left home on Tuesday to go to bank, but never returned.
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