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Friday, November 15, 2024

Home Featured UK court allows extradition of Abraaj’s founder Arif Naqvi to US

UK court allows extradition of Abraaj’s founder Arif Naqvi to US

by News desk
January 29, 2021
in Featured, Top News

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Observer Report
London

A court in London on Thursday ordered to hand over the Pakistani businessman and the founder of the collapsed Dubai private equity firm Abraaj Capital Ltd, Arif Naqvi to the United States.

Arif Naqvi was arrested in the United Kingdom in April 2019, while managing partner Mustafa Abdel-Wadood was arrested at a New York hotel. The judgment was announced by Westminster Magistrates Court. Naqvi facing at least 16 charges including defrauding his investors and money laundering. The founder of the Abraaj group could face imprisonment of upto 300 years if charges leveled against him were proven. Abraaj had been the largest buyout fund in the Middle East and North Africa until it collapsed in the middle of 2018.