Dubai regulator DFSA hits ex-Abraaj finance chief with record $1.7m fine

Dubai regulator DFSA hits ex-Abraaj finance chief with record $1.7m fine

The former finance chief of the now-defunct Abraaj Group said he was aware of the fraud that led to the private equity firm's 2019 collapse but was too afraid to speak out, according to the Dubai financial regulator. Ashish Dave was handed a $1.7m fine by the Dubai Financial Services Authority on Wednesday for his involvement in the scandal, the largest-ever penalty imposed on any individual in the emirate's financial center. Abraaj, which was headed by financier Arif Naqvi, went into liquidation following a process that began when investors including the Bill & Melinda Gates Foundation ordered a probe into the use of money from Abraaj's healthcare fund. Dave said he was "aware of the deception that was being carried out but was not in a position to stop it," according to the regulator's 96-page decision notice published alongside the fine. He feared he "would have been the only person, along with my family," that would suffer as a result, it said. The fine was imposed for Dave's "involvement in deception, unauthorised activity, and compliance breaches," according to the notice. His attempts to mislead investors contributed to the collapse of the region's largest private equity firm and "undermined the confidence