Executives of equity firm Abraaj Capital Ltd arrested on US charges of defrauding their investors which include the Gates Foundation
Arif Naqvi, Founder and Group Chief Executive of Abraaj Group attends the annual meeting of the World Economic Forum in Davos, Switzerland, January 17, 2017.
Abraaj founder and Chief Executive Arif Naqvi was arrested in the United Kingdom last Friday, while managing partner Mustafa Abdel Wadood was arrested at a New York hotel on Thursday, Assistant US Attorney Andrea Griswold said at a hearing in Manhattan federal court. Griswold said prosecutors would seek to have Naqvi, who is charged with the same crimes, extradited. Casey Larsen, a spokesman for Naqvi, could not immediately be reached.
In brief indictments unsealed on Thursday, prosecutors claimed that from about 2014 until the collapse, Naqvi and Abdel Wadood lied about the performance of Abraaj's funds, inflating their value by more than half a billion dollars.
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