Reports in the Sunday Times claimed Banks held a series of undisclosed meetings with Russian embassy officials around the time of the 2016 referendum campaign.
Having projected the campaign he helped fund as an agent provocateur, Banks abruptly ended the hearing after the expected three hours, complaining he was late for a lunch appointment.
He and Mr Banks subsequently got "trollied" over an enjoyable lunch with Russian ambassador Alexander Yakovenko.
Arron Banks (R) and Leave.EU campaigner Andy Wigmore (L) are given pork pies by a pro-EU protester as they arrive at Portcullis House to give evidence to Parliament's Digital, Culture, Media and Sport (DCMS) Committee on June 12, 2018.
Banks jokingly said Mr. Collins was "conflicted" and should not sit in the meeting, to which he replied, "nice try", without denying taking the gift of tickets to a football game. "The reason I went into the referendum was I have a different version of what the future of this country is". I don't mean to be rude but we've got places to be.More news: Microsoft's Office UI update includes a simpler, cleaner ribbon
Urged to stay for another five minutes, Mr Banks stood and told a startled-looking Mr Collins: "The word is no".
Banks and Wigmore confirmed that Leave.EU had lodged an appeal against an Electoral Commission finding the organisation breached spending rules during the referendum.
Banks said he had two lunches with the Russian ambassador, who introduced him to a businessman who was proposing a complex gold-mining deal in Russia.
The newspaper reported Banks traveled to Moscow at the height of the Brexit campaign, and that he was offered a business deal involving six Russian goldmines.
"I pay a shed-load of tax, probably more than the entire committee put together", he said. "It wasn't. I've got no business interests in Russian Federation and I've done no business deals in Russian Federation". I do everything legally.More news: National Basketball Association title odds hint at LeBron’s next team
Mr Banks joked that he was portrayed as an "evil genius with a white cat that controls the whole of western democracy". "But clearly that's nonsense", he said.
A Remaining-backing MP has been accused of creating "fake news" by the biggest donor to the Leave campaign in a row over alleged Russian influence in the campaign to leave the European Union. But Mr. Banks' role in the Brexit referendum campaign two years ago has landed the insurance tycoon in a pair of scandals including allegations he met with Russian officials during the referendum campaign.
The only information they gave the ambassador was the phone number for the Trump transition team, Mr. Banks said.
Wigmore told the committee on Tuesday that he had requested the meeting with the Russian officials.
He said: "We had a couple of issues in relation to bananas and sugar and the initial conversation I had with this gentleman at the Ukip conference - I was trying to find investors to look at perhaps buying a banana farm which had got into trouble because of its owner. and as a outcome Belize couldn't sell its bananas in places like the United States or the United Kingdom".More news: Trump declares North Korea 'no longer a nuclear threat'