Police on Tuesday arrested the president of an Aventura condominium, who is accused of committing money laundering and grand theft, according to officials. Cellphone video captured Gregori Arzumanov, board president of Turnberry on the Green Condominium, located at 19501 W. Country Club Drive, placed in handcuffs as Aventura Police took him away. According to officials, Arzumanov is alleged to have stolen around $1.5 million from the association. Arzumanov is also facing charges of racketeering, organized fraud and credit card fraud, according to the arrest report. On the condo’s website, Arzumanov has been president of the board since 2008 and on it, he claims he saved the condo from bankruptcy. 7News spoke to one resident at the condo who was happy to find out Arzumanov was arrested. “I don’t have a lot of details but what I can tell you its that we were living a daily nightmare, being persecuted daily by the board that was absolutely corrupt,” said Thais Penezri, a resident. “We are very happy. We are very happy and we hope the law is going to change after [what] we went through here in these last 15 years.” Miami-Dade State Attorney Katherine Fernandez Rundle, Aventura Police Chief Michael Bentolila and Aventura Mayor Howard S. Weinberg are set to hold a press conference Tuesday afternoon and will release more details on Arzumanov’s arrest. Please check back on WSVN.com and 7News for more details on this developing story.