Tycoon and former Buganda Kingdom finance minister Rajni Tailor was on Saturday locked up by police over bounced cheques.
By press time, he was still in the coolers Tailor is accused by some members of the Indian community of failing to pay back the accumulated amount of money the lend to him.
It is believed that the money is in hundreds of millions.
In an effort to pay the debts, Tailor reportedly issued a number of cheques but they all bounced.
The members reported to police who swung into action by locking up the businessman.
This is the second time that the businessman is being held over bounced cheques, having been arrested over similar charges in March this year.
Tailor served as minister of state for Economic Planning in Mengo, he is also the former president of the Hindu Council of Africa, co-president of the World Council of Religions for Peace, and chairperson of the board of trustees of the Indian Association of Uganda.