Arif Naqvi has so far been unable to raise the 15 million needed as part of his bail conditions
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.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.