Abraaj Group was once the largest private equity firm in the developing world, managing over $14 billion in assets and celebrated as a champion of impact investing. In 2018, investors including the Gates Foundation discovered that founder Arif Naqvi had been secretly misappropriating healthcare fund money — siphoning it to cover operating deficits across the business. Naqvi was arrested in London and faced extradition to the United States on charges of fraud and racketeering, marking one of the biggest financial scandals to emerge from the Middle East.
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