EL MONTE

An El Monte developer behind the city’s $1.2-billion redevelopment project has been arrested and is expected to be charged with fraud and embezzlement, police said Monday.

John Leung, president and chief executive of El Monte-based Titan Group, was arrested late Friday afternoon, said Capt. Marcy Vail of the El Monte Police Department. Police arrested another Titan executive, Jean Lang, Sunday night. Each was held in lieu of $1 million in bail.

Leung, 53, and Lang, 51, were to be arraigned today on five felony counts each of forgery, fraud, embezzlement, grand theft and burglary, Vail said. Lang is also being charged with an additional count of dissuading a witness, according to police.

Vail said Leung and Lang were suspected of defrauding two former investors of more than $1 million in a complex financial scheme.

Leung’s company is behind the proposed El Monte Transit Village, a 65-acre mixed-use development of retail space, residential units and office space, to be built around the El Monte Bus Transit Station.

-- Victoria Kim