Abraaj founder Arif Naqvi charged with fraud in New York:
Arif Naqvi, the founder of the collapsed Dubai-based private-equity firm The Abraaj Group, has been charged with fraud and conspiracy in New York.
Prosecutors claim Naqvi carried out a scheme, beginning in 2014, to defraud investors by hiding the firm’s failing financial health and stealing investor money, Bloomberg reported.
Abraaj was the largest private equity player in the Middle East until its collapse last year following a row with investors that included the Gates Foundation over a $1 billion health care fund.
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