Indian businessman Kabir Mulchandani has been arrested in Dubai on allegations of a multi-million dollar real estate fraud, media reports said. A senior official who is part of the investigation told The Times Of India that Mulchandani was in jail. Scores of investors have been allegedly defrauded of over $100m by Mulchandani, chairman of 'Dynasty Zarooni'. At least 10 members of an 'investment club,' which last year promised huge profits from the company's preferential access to real estate deals, have lodged complaints against Mulchandani, his Emirati business partner, Hilal Al Zarooni, their joint venture 'Dynasty Zarooni' and two other employees.