Abraaj’s Arif Naqvi arrested in London

The charismatic founder of collapsing Dubai International Financial Centre-domiciled Abraaj, Arif Naqvi, has been remanded in custody in London on a US extradition warrant. Also arrested are the private equity firm’s former managing partners Mustafa Abdel Wadood (detained in New York) and Sev Vettivetpillai (remanded in London). The indictment named two other executives, Waqar Siddique and ex-chief financial officer Ashish Dave. They are accused of publishing misleading information on Abraaj funds’ performance and (inflated) values. They also allegedly benefitted from ‘misappropriations’. It has been widely reported that the group’s running costs hadn’t been met by revenues for many years.