Arif Naqvi, the Abraaj Group founder caught up in a US fraud probe, remains in jail days after winning bail because of failing to pay a £15m security bond.
Naqvi, 58, was granted bail last week while he fights extradition to the US over fraud charges on condition he pays £15m to a UK court.
But Westminster Magistrates' Court confirmed on Tuesday that he is yet to come up with the funds and remains in custody. He has been given until the end of this week to come up with the money.
The bail bond is believed to be the largest of its kind ever ordered by a British court.
The bail conditions - which include staying in his London home and wearing an electronic tag - "effectively amount to house arrest," the judge said in court. He would also have to hand over his passport.
A US court last week indicated that extradition proceedings could take at least two years.
Naqvi is one of several Abraaj officials caught up in a probe of what had been the Middle East's biggest private-equity fund. He is charged with inflating the value of the Dubai-based firm's holdings and stealing hundreds of millions of dollars.
Naqvi faces up to 45 years in prison if found guilty of conspiracy and fraud charges connected to the collapse of the UAE-based Abraaj Group last year. He denies defrauding investors of millions in his now insolvent Dubai-based private equity company.
Mustafa Abdel-Wadood, one of several former Abraaj Group executives facing fraud charges in a widespread criminal case against the now-bankrupt private-equity firm, was granted bail with plans to be transferred to house arrest in New York.
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