Abraaj founder, Arif Naqvi to be extradited to the US
Lahore, 28th January: A court in the United Kingdom has ordered to extradite Arif Naqvi, the founder of Abraaj group to the US.
Baaghi TV: A court in London ordered on Thursday to hand over the Pakistani businessman and the founder of the collapsed Dubai private equity firm Abraaj Capital Ltd, Arif Naqvi to the United States.
As per reports, in April 2019, Arif Naqvi was arrested in the United Kingdom, while his managing partner Mustafa Abdel-Wadood was arrested at a New York hotel.
TIf charges levelled against him are proven then Naqvi could face imprisonment of up to 300 years.
Abraaj was the largest buyout fund in the Middle East and North Africa until it crumbled in the middle of 2018 after the Gates Foundation and other investors raised concerns about the management of its $1 billion healthcare fund.
The SEC alleges that Naqvi and his firm collected more than $100 million over three years from US-based charitable organizations and other US investors and hence, raised money for the Abraaj Growth Markets Health Fund.
According to the SEC’s complaint, Naqvi embezzled money from the health fund and mingled the assets with corporate funds of Abraaj Investment Management Ltd and its parent company. He used the funds discretely for causes unrelated to the health fund.
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