Charged with defrauding their investors which also included the Bill & Melinda Gates Foundation, top executives and managing partners of Abraaj group were arrested, Last Friday, founder and Chief Executive Arif Naqvi was arrested from the UK. Whereas managing partner Mustafa Abdel Wadood was arrested from New York, on April 12, 2019. He did not plead guilty.
The executives were charged with securities fraud, wire fraud, and conspiracy charges. According to the prosecutors, since 2014, the executives lied about the firm’s performance and disguised liquidity for personal benefits.
They are expected to face civil charges from the US Securities and Exchange Commission.