Matteo Cambi, the 31-year-old founder of Italian clothing label Guru, known for its daisy-print T-shirts, was arrested Friday in Parma, Italy, on allegations of fraud after his company, Jam Session Srl, was declared bankrupt. Also detained were Cambi's mother, Simona Vecchi, and Gianluca Maruccio De Marco, both directors of Jam Session. Cambi launched Guru in 1999 and in May sold the label to Indian textile company Bombay Rayon Fashions for 33 million euros, or $52.6 million at current exchange.

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