LOS ANGELES - Law enforcement agents on Thursday arrested a couple in Newport Coast, Southern California on federal charges of bilking eight banks out of about $130 million, the US Attorney's Office said.

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The arrest came one day after a federal grand jury indicted Thomas Chia Fu, 61, and his wife, Cheri L. Shyu, 48,  on nine counts of bank fraud.

The couple could face long years of imprisonment as each count of fraud carries a maximum 30-year prison sentence, according to Thom Mrozek of the US Attorney's Office.

The indictment alleges the two engaged in a scheme to defraud the banks by setting up a dual set of invoicing records for their Los Angeles-based company Galleria USA Inc., which sold imported goods in the country.

Their company received a 130-million-dollar revolving line of credit from a consortium of eight banks, including Bank of America, in 2006, says the indictment.

The defrauding crime lasted from June 2008 through April 2009, the indictment alleges.

While Fu would send accurate invoices to customers, he greatly exaggerated the volume of sales in computer records, according to the indictment.

Shyu started the company and is its president, while her husband, who is also known as Cheri Fu, was the chief financial officer, secretary and treasurer.

Fu also allegedly made phony invoices to cover up the scheme. By exaggerating the volume of sales, they were able to access more money from the revolving line of credit, according to the indictment.