India, June 11 -- Mahender Makhijani, a 44-year-old Indian-origin financier, is accused of defrauding Western Alliance Bancorp out of nearly $100 million. He allegedly falsified title insurance policies to inflate the value of the properties he pledged to obtain loans against. According to the New York Post, he is also accused of hosting sex parties and using them to put pressure on the attendees.

The first assistant US attorney for the Central District of California, Bill Essayli, confirmed that Makhijani was arrested on Wednesday. The accused was detained from his Newport Beach mansion by gun-toting federal agents.

"Mahender Makhijani, 44, a lawful permanent resident from India living in Corona del Mar [California], was arrested this ...