Arif Naqvi stays in jail over failure to pay $20 million security bond: Bloomberg

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LONDON: Abraaj Group founder Arif Naqvi who is facing a fraud probe in the Unites States is still being held in U.K. jail days over his failure to pay 15 million-pound ($20 million) security bond, Bloomberg reported.

Naqvi can be released once he pays, a London court ruled on Friday.

According to the report, Mr Naqvi is yet to come up with the funds and is still in custody. His spokeswoman and lawyer didn’t immediately comment.

The bail bond is the largest of its kind ever ordered in the U.K., Naqvi said in his filings for Friday’s hearing.

The conditions — which include staying in his London home and wearing an electronic tag — “effectively amount to house arrest,” the judge said in court.

 

Mr Naqvi is charged with inflating the value of the Dubai-based firm’s holdings and stealing hundreds of millions of dollars, a charge he denies.

He said that the idea he took money out for his own personal benefit is “ludicrous.”

He’s fighting a U.S. extradition bid.

Abraaj collapsed last year in the world’s biggest private-equity insolvency.

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