Sharjah Authorities Close Money-Laundering Probe Linked to Defunct Abraaj Group

After two years of travel and asset restrictions, authorities in Sharjah have cleared all suspects and ended a corruption investigation tied to the collapsed Abraaj investment group.

Sharjah Authorities Close Money-Laundering Probe Linked to Defunct Abraaj Group

Authorities in Sharjah have ended a corruption investigation tied to the defunct Abraaj investment group, two years after scores of expatriates were placed under movement and asset restrictions.

The probe began in 2024 following a corruption complaint related to events at Abraaj, which was once one of the largest private-equity firms focused on emerging markets. During the investigation, numerous foreign consultants — including US and UK nationals — were stranded in the United Arab Emirates for months as they faced travel bans and frozen accounts.

Sources familiar with the case now say that Sharjah authorities have cleared all previously named suspects, effectively closing the file. The decision lifts the restrictions that had been imposed on individuals connected to the inquiry.

Abraaj collapsed in 2018 amid allegations of misappropriating investor funds. The group had managed billions of dollars across multiple funds targeting growth markets before its downfall triggered regulatory scrutiny in several jurisdictions.

Source: Intelligence Online

Source: Google News UAE — Courts & Fraud