An Argentine businessman with close links to former Presidents Nestor Kirchner and his wife Cristina Fernandez has been arrested as part of an investigation into alleged money laundering.

The official judicial news agency says Lazaro Baez was arrested Tuesday after he landed at an airport in the outskirts of Buenos Aires.

Baez got large public works contracts during the Kirchner and Fernandez administrations. He's accused of embezzling and laundering about $5 million. He denies any wrongdoing.

The case against Baez began after a 2013 journalistic investigation said he was Kirchner's figurehead.

The report charged that Baez used companies to launder money that later returned cash to Kirchner. Recent images aired on local TV showed one of Baez's son and others counting wads of cash at a company being investigated.