Abraaj founder Naqvi refused bail on flight risk | Financial Times:
The founder of collapsed private equity group Abraaj was refused bail by a London court on Friday in the latest stage of his battle to fight extradition to the US on fraud charges.
Arif Naqvi is facing allegations that he defrauded investors by lying about the financial health of Dubai-based Abraaj, which was one of the largest emerging market private equity groups.
The 58-year-old, who is accused of inflating the value of the company’s funds and diverting millions of dollars for personal gain, has been held in a UK prison since being arrested at Heathrow airport on April 10.
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