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. Abdel-Wadood appeared at the hearing and pleaded not guilty to securities fraud, wire fraud and conspiracy charges. Griswold said prosecutors would seek to have Naqvi, who is charged with the same crimes, extradited. After the hearing, Abdel-Wadood spoke briefly to his wife, who had watched from the courtroom gallery, before US marshals led him away in handcuffs. Abraaj and Naqvi face related civil charges filed on Thursday by the US Securities and Exchange Commission.

Source: Pakistan Today April 12, 2019 05:03 UTC