Kosvogiannis has been charged with obtaining credit by false pretense and for breaches of the Revenue Administration Act.
He is accused of acquiring several credit facilities from two major banking institutions using different Taxpayer Registration Numbers (TRN) and names. These alleged fraudulent activities are reported to date back as far as 2010.
A court date for the accused is to be announced by the police.
Kosvogiannis was arrested at the Norman Manley International Airport in Kingston on Monday.
Reports are that about 7:40 p.m., the man who is the holder of both Jamaican and American passports, arrived in the island and was nabbed by investigators from the Constabulary Financial Unit (CFU) of C-TOC and the Financial Investigations Division (FID).
The police said the arrest resulted from an intense investigation into several fraudulent activities against the two major banking institutions.