In a shocking development, Nissan chairman Carlos Ghosn has reportedly been arrested

• Carlos Ghosn has reportedly been arrested.
• The longtime leader of the Renault-Nissan alliance allegedly engaged in misconduct, CNN reported.

Nissan Motor chairman Carlos Ghosn has been arrested, the Yomiuri daily said on its website on Monday.

The Japanese automaker said earlier on Monday that Ghosn had used company money for personal use and that it had been investigating possible improper practices of Ghosn and Representative Director Greg Kelly for several months.

Ghosn is one of the most prominent auto executives in the world and a legend in the industry. He has presided over an alliance between Nissan and Renault that created a global automotive powerhouse.

Ghosn, 64, was until last year the CEO and Chairman of Nissan, when He gave up the CEO role.

CN reported that "Nissan said in a statement that it had been investigating Ghosn and another board member for months, and was now cooperating with Japanese prosecutors."

"The company said its investigation found that Ghosn, 64, and the other board member, Greg Kelly, had been under-reporting Ghosn's compensation," CNN reported.

(Reuters reporting by Elaine Lies; Editing by Himani Sarkar)