Abraaj founder given extra time to raise bail money

Arif Naqvi has so far been unable to raise the 15 million needed as part of his bail conditions
Abraaj founder given extra time to raise bail money
Arif Naqvi was arrested in Britain in April and has been charged with defrauding investors.
By Shane McGinley
Sun 12 May 2019 10:53 AM

Arif Naqvi, the founder of Abraaj Group currently facing fraud charges in the United Kingdom, has been granted more time to raise a £15 million ($19.49 million) bail by a London court, according to a report by Reuters, citing a court official.

Naqvi was arrested in Britain in April and has been charged with defrauding investors. On May 3 he was granted bail of £15 million and was ordered to wear an electronic tag, remain at his London home and surrender his passport.

After failing to pay the bail conditions, on Friday he was remanded in custody until another bail hearing at the Westminster Magistrates Court on May 17, Reuters reported.

Naqvi, along with Mustafa Abdel-Wadood, the former managing director of the Abraaj Group, are facing charges of allegedly defrauding investors of hundreds of millions of dollars before the $13 billion private equity firm collapsed last year.

Both have denied the charges.

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