Scotland Yard confirms Abraaj chief arrested

Scotland Yard has confirmed that Pakistani emerging markets business magnate Arif Naqvi was arrested at Heathrow airport on the request of American authorities over “alleged fraud” following recommendations by the US Securities and Exchange Commission.

According to the police officials, Arif Naqvi, 58, was arrested at Heathrow Airport on Wednesday by officers from the Met’s Extradition Unit on behalf of US authorities. The police confirmed that Naqvi was remanded in custody and his bail hearing will be held in about a week.

Separately, a police source informed that there is no case against Naqvi in Britain, where he lives permanently. The arrest came after the founder of the collapsed Dubai-based private-equity firm The Abraaj Group was charged with fraud and conspiracy in New York in relation to the collapse of the equity firm he headed.