As one of Asia's premier business schools, the International School of Business (ISB) in Hyderabad is used to being discussed. But it could do without its latest round of publicity.

Its co-founder and executive board member Anil Kumar has been granted a leave of absence after he was arrested in the biggest ever insider-trading scam in the United States. Before his arrest, Kumar was known mainly as the Godfather of the knowledge process outsourcing model.

Kumar is among six people arrested for fraud, conspiracy and sharing crucial financial information to make big bucks. The Federal Bureau of Investigation or FBI says it has been monitoring Kumar for two years.

Kumar  worked with consultancy giant McKinsey and leaked sensitive financial information to Raj Rajaratnam, the world's richest Sri Lankan. Rajaratnam, a hedge fund billionaire, used these illegal tips to profit to the tune of millions of dollars.

Another Indian-American, Rajiv Goel, has also been arrested on similar charges. Goel was Director of Strategic investments for Intel Capital.

The insider trading scam has sent shivers down the Wall Street. What's come as a bigger shock is that it involves well-known executives, often held up as role models, who were working with some of the best global firms in the world.