Abraaj Group

• Unresolved76
  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.
  Regulator statement, 11 April 20191 record citedFraud
• Supported88
  The 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
• Supported88
  The 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 supported66
  Dawn 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

Cases and proceedings

• United States v. Arif Naqvi, et al.US District Court for the Southern District of New York. Criminal. Not published.Stage: Naqvi indicted and contesting extradition from the United Kingdom, not surrendered or tried as of October 2026^S5. Co-defendants Mustafa Abdel-Wadood and Sivendran Vettivetpillai pleaded guilty and agreed to cooperate^S3S7. Waqar Siddique, Rafique Lakhani and Ashish Dave were charged in June 2019 and remain outside US custody.
  • July 2021 Vettivetpillai pleads guilty^S3
  • 8 March 2023 UK High Court approves Naqvi extradition^S5
• 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 amended^S1. Pending with no final judgment against Naqvi as of October 2026.
  • 11 April 2019 SEC files civil fraud complaint^S1
• Dubai Financial Services Authority re Abraaj Investment Management Limited and Abraaj Capital LimitedDubai Financial Services Authority. Regulatory. Not published.Stage: Enforcement decision announced 30 July 2019^S2. A final regulator decision, with payment conditional on the firms' circumstances.
  • 30 July 2019 DFSA fines two Abraaj entities about US$314.6 million^S2
• In the matter of Abraaj HoldingsGrand Court of the Cayman Islands. Insolvency. Not published.Stage: Provisional liquidation opened 18 June 2018 under PwC joint provisional liquidators^S4. Ongoing.
  • 18 June 2018 Grand Court appoints joint provisional liquidators over Abraaj Holdings^S4

Responses on record

• Arif Naqvi, 4 September 2021, on The US Securities and Exchange Commission said on 11 April 2019 that Abraaj founder Arif N...

  He has denied all charges and maintained his innocence, refusing to plead guilty.^S6

Revision history

• 25 October 2026 Profile and 4 assessments first published. Records checked to 25 October 2026.

Source records

1. S3Tier A SEC Charges Former Abraaj Managing Partner for Assisting Abraaj's Misappropriation of Private Fund AssetsUS Securities and Exchange Commission. Regulator press release. 1 March 2022.Supports Vettivetpillai's July 2021 guilty plea and his settled SEC charges with a bar. It does not give the criminal sentence.
2. 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.
3. S7Tier C Abraaj investors were lied to, says former executive as he pleads guilty to conspiracyThe National. Press report. 29 June 2019.Reports Abdel-Wadood's guilty plea to conspiracy in Manhattan federal court and his agreement to cooperate. It does not name the judge.
4. 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.
5. 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.
6. S4Tier B Abraaj Holdings - In Provisional LiquidationPwC Corporate Finance and Recovery (Cayman) Limited. Company statement. 20 June 2018.Supports the Cayman Grand Court appointment of PwC joint provisional liquidators over Abraaj Holdings on 18 June 2018. It gives no later distribution figures.
7. 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.