India, June 12 -- A 44-year-old Indian-American man was arrested in California for allegedly defrauding a bank of nearly $100 million by manipulating title records of insurance policies. Mahender Makhijani has been living in the US on a Green Card and faces a maximum sentence of 30 years in prison if convicted.

"Mahender Makhijani, a lawful permanent resident from India living in Corona del Mar, was arrested this (Wednesday) morning on a federal criminal complaint charging him with defrauding a bank out of nearly $100 million," Bilal Essayli, First Assistant US Attorney for the Central District of California, said.

As alleged, Makhijani falsified title insurance records, concealed true lien positions, and used a network of shell compani...