Former managing partner Waqar Siddique, former vice president Rafique Lakhani and former chief financial officer Ashish Dave have all been charged with fraud and conspiracy, according to an indictment unsealed in Manhattan federal court. Three other former Abraaj executives, including founder Arif Naqvi, were charged earlier this year. US prosecutors have said that from about 2014 until Abraaj’s collapse, Abraaj executives lied about the performance of Abraaj’s funds, inflating their value by more than $500 million. Naqvi and former Abraaj managing partner Sev Vettivetpillai were arrested in the UK in April and have been freed on bail while US authorities seek their extradition. Former managing partner Mustafa Abdel-Wadood was arrested in New York in April and also released on bail.

Source: The Express Tribune June 14, 2019 13:16 UTC