One of the founding members of the hip-hop group the Fugees and a fugitive Malaysian financier have been charged with conspiring to violate federal campaign finance law by funneling millions of dollars worth of foreign money into the 2012 presidential election, the Justice Department said Friday.

A four-count indictment accuses the financier, Low Taek Jho, of transferring more than $21 million from overseas to the rapper Prakazrel Michel, known as Pras, from June 2012 through that November. Prosecutors contend that Mr. Michel then gave $865,000 of that money to a network of straw donors who used it to make campaign contributions to a candidate identified as Candidate A.

While the indictment unsealed on Friday does not specifically name the candidate in question — who is accused of no wrongdoing — it clearly refers to former President Barack Obama. The indictment includes allusions to Candidate A having a presidential administration and hosting an event at the White House that Mr. Low either “attended or arranged for his associates to attend.”

A spokesman for Mr. Obama did not respond to a message seeking comment on Friday.

The indictment adds to a list of legal troubles for Mr. Low, also known as Jho Low. He has been wanted by law enforcement in the United States and Malaysia for his alleged role in the theft of $4.5 billion from a Malaysian sovereign wealth fund. That case contributed to the electoral defeat and eventual indictment of the country’s former prime minister, Najib Razak.