Hassan Nemazee, the chairman of Nemazee Capital Corp. and a fundraiser for President Obama and Hillary Clinton, was arrested on charges he tricked Citigroup Inc. into lending him as much as $74 million using phony documents.

Nemazee got the loan by telling Citibank that he held accounts with hundreds of millions of dollars that could serve as collateral, U.S. Attorney Preet Bharara said in a statement Tuesday. He used fake addresses and phone numbers he controlled to mislead the bank, prosecutors said.

The accounts "either never existed or had been closed years before Nemazee submitted the documents referencing those accounts," Bharara said in the statement.

Nemazee repaid the loan to Citi Monday, a day after he was interviewed by Federal Bureau of Investigation agents, prosecutors said.

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