Ex-Abraaj Exec Sev Vettivetpillai Cooperating With US Authorities, Agrees To Extradition

Former Abraaj Group senior executive Sev Vettivetpillai is cooperating with US authorities and has agreed to be extradited to the United States, where he is expected to plead guilty to unspecified charges, according to media reports.
Vettivetpillai faces a number of racketeering and fraud charges stemming from his time at Abraaj - which was one of the globe's most prominent emerging market investors - along with five other executives. Among them is the company's founder, Arif Naqvi.
Both Vettivetpillai and Naqvi are living in the UK on bail.
Citing a UK court clerk, the UAE-based The National has reported that Vettivetpillai has agreed to be extradited.
According to a skeleton argument from prosecutors, Vettivetpillai is "presently co-operating with US prosecutors".
"It is expected that in due course he will enter guilty pleas to the superseding indictment, and will give evidence against the defendant at trial," the document said.
Naqvi, on the other hand, is contesting extradition to the US, with legal documents citing the "atrocious conditions" in American jails as a reason. The extradition hearing began on Monday.
Prosecutors, however, have argued that transferring Naqvi's case to the UK would likely be problematic given the complex nature of the case and its multiple US-based witnesses.
Another Abraaj executive, Mustafa Abdel-Wadood, pleaded guilty to charges of rackeeting, securities fraud and wire fraud charges in June 2019, two months after Vettivetpillai was arrested at his home in April.
Naqvi, Vettivetpillai, Abdel-Wadood and other senior Abraaj executives are accused of actions that lead to losses of over $1 billion for investors and creditors.
Abraaj, which was founded in 2002, was the Middle East’s biggest private equity fund and one of the world’s most influential emerging-market investors, with stakes in health care, clean energy, lending and real estate across Africa, Asia, Latin America and Turkey.
Dubai’s financial regulator has fined Abraaj $315m for deceiving investors and misappropriating their funds.
Emicool Secures First-ever Green Financing To Boost Sustainable Growth
The liquidity generated will be strategically deployed to accelerate the company’s district cooling projects across t... Read more
UAEs Ruya Becomes First Global Islamic Bank To Offer Shariah-compliant Crypto Trading
Digital Islamic bank ruya teams up with Fuze to offer secure, ethical crypto investments aligned with Islamic financial... Read more
Startups In Abu Dhabis Hub71 Secured $2.17bn In Funding Last Year
Hub71 startups in Abu Dhabi saw massive increase in funding in 2024 as innovation economy thrives Read more
UAE Fintech Pay10 First To Launch On Central Banks Open Finance Framework
The company has acknowledged the Central Bank of the UAE's crucial role in facilitating a responsible and secure rollou... Read more
PayPal Expands In MEA Region With Its Newly Launched Hub In Dubai
Will serve 80 countries in Middle East and Africa from its Dubai Internet City hub; Has signed several deals with regio... Read more
New Board Certifies DMCC Tradeflow As Fully Shariah Compliant
Shariah Supervisory Board appointed to oversee Tradeflow’s Islamic finance offering; Certified fully-compliant with A... Read more