The chief executive and a managing partner of the collapsed Dubai private equity...
NEW YORK - The chief executive and a managing partner of the collapsed Dubai private equity firm Abraaj Capital Ltd were arrested on U.S. charges that they defrauded their investors, including the Bill & Melinda Gates Foundation, a federal prosecutor said on Thursday.
Abraaj founder and Chief Executive Arif Naqvi was arrested in the United Kingdom last Friday, while managing partner Mustafa Abdel-Wadood was arrested at a New York hotel on Thursday, Assistant U.S. Attorney Andrea Griswold said at a hearing in Manhattan federal court. Griswold said prosecutors would seek to have Naqvi, who is charged with the same crimes, extradited. Casey Larsen, a spokesman for Naqvi, could not immediately be reached.
In brief indictments unsealed on Thursday, prosecutors claimed that from about 2014 until the collapse, Naqvi and Abdel-Wadood lied about the performance of Abraaj’s funds, inflating their value by more than half a billion dollars.
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