Records show that the 39-year-old Leary was being held Friday in the Monroe County Jail in Bloomington.
The Journal Gazette of Fort Wayne reports that Leary faces 17 felony charges, including conspiracy to misappropriate title insurance escrow funds. The newspaper reports court documents say Leary once worked for a title insurance broker who has pleaded guilty to several charges in a $2.7 million scheme.
Leary was a star at Lawrence North and played for the Hoosiers in 1989-94, including their 1992 NCAA Final Four team. Leary is the color analyst for IU's radio broadcasts.
It couldn't immediately be determined whether Leary had an attorney.