PHOENIX, Ariz. (AP) _ Another man has been indicted in connection with an alleged sceme to steal more than $60 million from a Greyhound Corp. subsidiary.

Mark Aspey, an assistant U.S. attorney, said an arrest warrant was issued Wednesday for J.R. Willyard, a former resident of Vernal, Utah, who now lives in Montana. Aspey said a federal grand jury indicted Willyard on 11 counts of mail fraud, four counts of interstate transportation of money taken by fraud and one count of conspiracy.

According to the indictment, Greyhound Leasing and Financial Corp. loaned money to buy oil-field equipment after Willyard and others faked leasing agreements with other companies for the machinery.

Willyard and another former Utah businessman, Sheldon Player, mailed monthly payments to Greyhound to lull the company into ''a false sense of security'' that the agreements were legitimate, the indictment says.

Player testified in June at the trial of Sayed A. Hasan, who was convicted of wire fraud and three counts of perjury for his part in the case, that the faked leasing agreements were used as collateral for loans from Greyhound.

Hasan, 58, whose conviction has been appealed, was sentenced in August to 15 years in prison.

Player, who now lives in Mesa, is cooperating with prosecutors and will be sentenced later, Aspey said.

The scheme was made public by a lawsuit filed by Greyhound in August 1985 claiming that companies in Arizona, Utah and Colorado and individuals who owned or controlled those firms were involved in fake leasing agreements.

Greyhound reportedly lost about $67 million in the scheme but company officials have said that at least $48 million was recovered.