Arif Naqvi, the founder of Abraaj Group/Bloomberg
Last week, the Dubai Financial Services Authority (DFSA) said that it was in touch with the US Securities and Exchange Commission (SEC) about the latest case involving collapsed private equity firm Abraaj.
Sunday 21, April 2019 BY KUDAKWASHE MUZORIWA
A case in a London court to extradite Arif Naqvi, the founder of Abraaj Group, to the US on fraud charges was adjourned until 26 April, reported Reuters.
The US SEC alleges that Arif Naqvi and his firm raised money for the Abraaj Growth Markets Health Fund, collecting more than $100 million over three years from US-based charitable organisations and other US investors.
Additionally, the SEC stated that Naqvi misappropriated money from the health fund as well as commingled the assets with corporate funds of Abraaj Investment Management and its parent company, using it for purposes unrelated to the health fund.
Another former managing partner of Dubai-based Abraaj, Sev Vettivetpillai, was arrested and is also facing a US extradition request linked to the same charges.
Vettivetpillai was Abraaj Group’s head of impact investing in a role that oversaw the firm's troubled healthcare fund.
Abraaj's executives are facing US charges that they defrauded their investors, including the Bill and Melinda Gates Foundation.
Naqvi was arrested in the UK earlier this month, while managing partner Mustafa Abdel-Wadood was arrested at a New York hotel.