By ALEXANDRA SCAGGS and AMIR EFRATI

A New York man was charged for allegedly scheming to borrow up to $74 million from CitigroupInc.

U.S. Attorney Preet Bharara and the Federal Bureau of Investigations say Hassan Nemazee fraudulently applied for $74 million in loans for Nemazee Capital Corp., of which he is chairman and Chief Executive.

Federal prosecutors contend Mr. Nemazee obtained the money by giving the banking giant “numerous documents that purported to establish the existence of accounts in Mr. Nemazee’s name at various financial institutions containing many hundreds of millions of dollars,” the Justice Department said in a statement. “In fact, those were fraudulent and forged documents.”

According to an FBI report, Mr. Nemazee first contacted Citibank in December 2006 to borrow $25 million, and later raised the sum to $80 million.

Mr. Nemazee, 59 years old, was a national finance chairman for Hillary Clinton’s 2008 presidential campaign. He also was U.S. Sen. John Kerry’s New York finance chairman during Mr. Kerry’s 2004 presidential campaign. In 1999, President Bill Clinton nominated him to be U.S. ambassador to Argentina but his nomination falters in the Senate Foreign Relations Committee after a magazine article questioned his business dealings.

“I’m reviewing the charges,” said Mr. Nemazee’s lawyer, Marc Mukasey.

Mr. Nemazee paid back more than $74 million Monday, after being questioned by federal agents Sunday as he was checking in to board a flight from Newark International Airport in New Jersey to Rome.

He was charged with one count of bank fraud, which carries a maximum prison term of 30 years and a fine of $1 million, or twice the gain or loss resulting from the alleged crime.

Mr. Nemazee, arrested Tuesday morning, is due to enter a plea later in the day in Manhattan federal court.