The available records do not permit a responsible conclusion.
The US Securities and Exchange Commission said on 11 April 2019 that Abraaj founder Arif Naqvi and Abraaj Investment Management Limited misappropriated money from the Abraaj Growth Markets Health Fund.
misappropriating funds from a private equity fund client
- About
- Abraaj Group
- Claim made by
- US Securities and Exchange Commission, regulator statement
- Published
- 11 April 2019
- Evidence score
- 76 How it was scored
- Last reviewed
- 25 October 2026
Why this label
The SEC complaint names Naqvi and Abraaj Investment Management Limited and states they misappropriated money from the Health FundS1. The 2019 complaint is an allegation, not a finding. No US court has tried Naqvi, and the SEC civil case has produced no final judgment against him as of October 2026. The DFSA separately found that Abraaj entities misused investor monies, which points the same wayS2. Naqvi denies the chargesS6. As to Naqvi personally, the records do not permit a responsible conclusion on the misappropriation claim, so the label is Unresolved.
Current procedural position
SEC complaint filed in the Southern District of New York on 11 April 2019 and later amendedS1. Naqvi indicted in a parallel criminal case and contesting extradition from the United Kingdom, not tried as of October 2026S5.
Record supporting the assessment
misappropriating funds from a private equity fund client
Conflicting or limiting record
No record located that conflicts with this assessment.
Evidence score: 76 of 100
The score grades how well the record establishes this assessment. It is not a score of Abraaj Group. Score = source authority + directness + corroboration + procedural accuracy + currency + reproducibility.
| Component | Points | Max | Reason |
|---|---|---|---|
| Source authorityIs the source competent to establish the proposition? | 24 | 30 | The SEC is competent on the point, but the 2019 filing is an allegation. |
| DirectnessDoes the source state the proposition or only discuss adjacent facts? | 17 | 20 | The release states the misappropriation and the fund directly. |
| CorroborationDo independent records support the same material point? | 11 | 15 | The DFSA finding on misused investor monies points the same way. |
| Procedural accuracyDoes the record settle the procedural state the claim describes? | 6 | 15 | The civil case is pending with no final judgment against Naqvi. |
| CurrencyHas the record been checked against later developments? | 9 | 10 | Checked against the unresolved criminal and extradition position in 2026. |
| ReproducibilityCan a reader locate the passage and repeat the assessment? | 9 | 10 | The SEC litigation release is public. |
| Total | 76 | 100 |
Timeline
Related cases
- Securities and Exchange Commission v. Arif M. Naqvi and Abraaj Investment Management LimitedUS District Court for the Southern District of New York. Civil. 1:19-cv-03244.Stage: Complaint filed 11 April 2019 and later amendedS1. Pending with no final judgment against Naqvi as of October 2026.
- SEC files civil fraud complaintS1
Responses
- Arif Naqvi, 4 September 2021: He has denied all charges and maintained his innocence, refusing to plead guilty.S6
Revision history
- Assessment first published with label Unresolved.
Have a record that changes this assessment? See corrections and responses.
Sources
- S1Tier A SEC Charges Dubai-Based Advisory Firm and Its Founder (Litigation Release No. 24449)US Securities and Exchange Commission. Regulator press release. 11 April 2019.Supports the SEC allegation that Naqvi and Abraaj Investment Management Limited misappropriated Health Fund money. The 2019 complaint is an allegation, not a finding.
- S5Tier C Arif Naqvi loses final appeal against extradition to USDawn. Press report. 9 March 2023.Reports the UK High Court refusal of Naqvi's final challenge and the 28-day surrender window. It does not confirm that he was later surrendered.
- S6Tier C Two Abraaj partners accepted criminal charges to help US get Arif NaqviGeo News. Press report. 4 September 2021.Reports the guilty pleas and cooperation of Abdel-Wadood and Vettivetpillai and Naqvi's denial. It relies in part on unnamed experts.
- S2Tier A DFSA Fines Two Abraaj Group Companies a Total of USD 315 Million for Deceiving Investors and the RegulatorDubai Financial Services Authority. Regulator press release. 30 July 2019.Supports the fines on AIML (US$299.3 million) and ACLD (US$15.3 million) and the findings of deception. It notes payment remains conditional.
Other claims about Abraaj Group
- Supported88The Dubai Financial Services Authority said on 30 July 2019 that it fined two Abraaj entities a total of about US$314.6 million for deceiving investors and the regulator.Regulator statement, 30 July 20191 record citedMarket conduct
- Supported88The US Securities and Exchange Commission said that former Abraaj managing partner Sivendran Vettivetpillai pleaded guilty to federal criminal charges and settled SEC charges over the Abraaj conduct.Regulator statement, 1 March 20222 records citedFraud
- Partly supported66Dawn reported in March 2023 that Abraaj founder Arif Naqvi lost his final UK challenge to extradition and would be sent to the United States for trial.Press report, 9 March 20231 record citedCorporate status