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Abraaj Founder Arif Naqvi Arrested in London on Fraud Charges

LONDON: The founder of the collapsed Dubai-based private-equity firm The Abraaj Group has been charged with fraud and conspiracy in London in relation to the collapse of the equity firm he headed.

Assistant US Attorney Andrea Griswold said at a hearing in Manhattan federal court that Arif Naqvi, the Pakistani born Abraaj founder and Chief Executive, and managing partner Mustafa Abdel-Wadood were arrested last Friday in London and New York respectively and charged with fraud and conspiracy.

Both of them have pleaded not guilty, denying each and every charge against them.Arif Naqvi has previously denied reports in some sections of media that he was involved in corruption either at the Abraaj or in the sale of Pakistan’s K-Electric. He had denied any misuse or appropriation of Abraaj funds.

Naqvi maintains that the allegations “are entirely false”.

He has strongly maintained that he “neither misused nor misappropriated any Abraaj funds.”