Dubai – Mubasher: UK’s Westminster Magistrates Court has given the founder of the collapsed UAE private equity firm Abraaj Group two days to pay GBP 15 million ($19.51 million) bail, Reuters reported on Wednesday.

The court has granted Naqvi bail on a group of conditions including paying GBP 650,000 ($845,000) surety, surrendering his Pakistani passport, and remaining under 24-hour curfew at an address given to the court, wearing an electronic tag.

In April CEO and managing director of Abraaj, Arif Naqvi and Mustafa Abdel-Wadood, were arrested on UK and US on defrauding charges from US prosecutors.

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