Exclusive | Feds snare Newport Beach financier who 'bilked $100M to fund private jets, fleet of supercars and sex-fueled mega parties'

Federal agents arrested Newport Beach financier Mahender Makhijani in a dawn raid at his Corona del Mar mansion. The 44-year-old Indian-born permanent resident is charged with bank fraud for defrauding a local bank of nearly $100 million by doctoring real estate title policies. Prosecutors say he controlled Cantor V and numerous other entities to mask wealth, financing a lavish lifestyle that included a private jet, a Bentley, a Porsche, a Mercedes G-Wagon, and two adjacent mansions.

Makhijani is due to appear in federal court in Santa Ana. Authorities say the money remains unrecovered. Prosecutors say he boasted to associates that he would flee to India if caught and ran a network of entities to hide wealth, according to court documents.