KARACHI: The founder and chief executive of Abraaj Group, Arif Naqvi was arrested from an international airport (not Dubai) by the Interpol. Sharing information late last night, the sources said Naqvi has been taken into custody by the international police organisation temporarily and would be released after questioning about the alleged irregularities in the company.
Based out of Dubai, Abraaj - a private equity firm - became globally known for its operations scattered in six continents. Naqvi also made a name for himself in the international banking and investment circles through hard work and dedication. The firm, however, got into hot waters due to some irregularities by a few of its staff members that caused the stoppage of dues by some institutions within Pakistan to K-Electric. It is guessed that the irregularities by staff would not have taken place had the concerned institution paid their dues on time.
The alleged irregularities, however, finally prompted action by the American financial institutions. Apart from its global projects, Abraaj has been credited with controlling the infamous power shortage crisis in Karachi as it took over K-Electric when Karachi was routinely hit by electricity outages.
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