Dubai – Mubasher: The CEO and managing director of the collapsed private equity company Abraaj Capital, Arif Naqvi and Mustafa Abdel-Wadood, were arrested on UK and US on defrauding charges from US prosecutors, according to Reuters.

Assistant US Attorney Andrea Griswold stated that prosecutors would demand the extradition of Naqvi.  

“Mr Naqvi maintains his innocence, and he fully expects to be cleared of any charges. For almost a year since the commencement of the provisional liquidations, he has been working tirelessly to maximise returns for Abraaj’s creditors,” Reuters reporting, citing Naqvi’s external PR firm.

In mid-2018, Abraaj collapsed on heels of money misusage accusations made by a group of investors including Bill & Melinda Gates Foundation.