Arjmand owns the Gateway Fashion Mall in Bismark, as well as the Woodland and County Fair Fashion Mall, both located in California.
The businessman is reportedly facing financial fraud charges and is accused of insurance fraud, racketeering and bilking tenants at his three malls, California's Daily Democrat reports.
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The Bismark financial fraud lawsuit states that Arjmand allegedly charged Gateway Fashion Mall tenants extra for maintenance beyond what was actually done and pocketed the money in the process.
Arjmand is also being countersued by the Fireman's Fund Insurance Company, American Insurance Company and National Surety Corporation, after he reportedly sued them for denying insurance claims on his properties in California.
The mall owner purchased Gateway in 2006 for about $13 million, and the County Fair Mall in 2005 for $15 million.