London court denies bail to Abraaj Group founder

dubai — Founder of Abraaj Group Arif Naqvi has failed to secure bail from London court and his case was adjourned until May 24.

“Naqvi was remanded in custody until that date,” a court official said on Friday.

The Abraaj Group founder, who was arrested earlier this month in London, appeared at Westminster Magistrates Court for the latest stage of his extradition battle on US charges of defrauding investors.

A former managing partner of Dubai-based Abraaj, Sev Vettivetpillai, was released on conditional bail to appear again at Westminster Magistrates Court on June 12, the court official said.

Under the US charges, both men are accused of defrauding US investors by inflating positions held by Abraaj in order to attract greater funds from them, causing them financial loss, the official said.

Vettivetpillai could not be reached for a comment. Naqvi, in a statement released through a PR firm, has pleaded innocent.

The US Securities and Exchange Commission alleges that Naqvi and his firm raised money for the Abraaj Growth Markets Health Fund, collecting more than $100 million over three years from USbased charitable organisations and other US investors.

Naqvi and Vettivetpillai were arrested in Britain earlier this month.