In 2018, the Abraaj Group, a prominent private equity firm, collapsed amid allegations of fund mismanagement, including from major investors like the Bill & Melinda Gates Foundation. The firm was accused of commingling funds and inflating asset values. Founder Arif Naqvi and executives faced fraud charges, leading to Abraaj’s liquidation and significant investor losses. The scandal exposed severe corporate governance and regulatory oversight failures, emphasizing the need for transparency and accountability in private equity.
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