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 US Attorney Andrea Griswold said at a hearing in Manhattan federal court. A statement from Naqvi’s external PR firm said Naqvi maintained his innocence in relation to the charges. “Mr Naqvi maintains his innocence, and he fully expects to be cleared of any charges. Abdel-Wadood appeared at the Manhattan hearing and pleaded not guilty to securities fraud, wire fraud and conspiracy charges. Abraaj and Naqvi face related civil charges filed on Thursday by the US Securities and Exchange Commission.

Source: The Express Tribune April 12, 2019 13:07 UTC