Fractional order version of a dynamical system introduced by Yu and Wang (Engineering, Technology & Applied Science Research, 2, (2012) 209–215) is discussed in this article. The basic dynamical properties of the system are studied. Minimum effective dimension 0.942329 for the existence of chaos in the proposed system is obtained using the analytical result. For chaos detection, we have calculated maximum Lyapunov exponents for various values of fractional order. Feedback control method is then used to control chaos in the system. Further, the system is synchronized with itself and with fractional order financial system using active control technique. Modified Adams-Bashforth-Moulton algorithm is used for numerical simulations.