A £2 million (Dh9.48m) bail request by the founder of defunct private equity company Abraaj Group, Arif Naqvi, was rejected by a London magistrate over concern he could flee to Pakistan to gain protection from his political connections in the country. Chief Magistrate Emma Arbuthnot said a potential 45-year sentence he would face if extradited to the US and then found guilty on fraud charges was a factor in rejecting the application, particularly, as it was obvious he was well connected in his homeland. "I’m concerned to see he had the [Pakistan] president’s number on him," Lady Arbuthnot said. "If he were to be granted bail, I’d be extremely concerned he would leave the country.” Mr Naqvi was arrested earlier this month at London's Heathrow airport on US conspiracy, wire fraud and securities fraud charges – accusations he denies. When he was detained, the prosecution claimed one of the seven phone numbers he offered to the authorities to notify about his arrested was the President of Pakistan, Arif Alvi. Mr Naqvi is accused of defrauding investors of millions of dollars as part of his role as founder and chief executive of the now insolvent Dubai-based private equity company. The Pakistani citizen also allegedly directed a ploy to inflate the value of some of Abraaj’s funds in an attempt to cover up the company's liquidity issues, while trying to attract a $6 billion investment for a new venture. Officials said voice recordings and email correspondences form a core part of their investigation. Prosecutor Rachel Kapila revealed Mr Naqvi could face a maximum of 45 years in jail if found guilty. “There is a strong concern he will flee to Pakistan,” she said, adding that prosecutors believed that he had access to a private jet that could be used to take him out of the country. The British prosecutor added that the absence of a US extradition treaty with Pakistan made the temptation to flee all the more pressing and that if he did so, it would be "extremely difficult to get him back". “[Mr Naqvi] is alleged to have played the leading role in a multimillion dollar scheme to defraud investors,” she said, setting out the allegations of a “significant, high-value fraud” in detail. Mr Naqvi’s lawyer Hugo Keith said that while Mr Naqvi had known of US investigations for some time, he had continued to reside in the UK. He said his client rejected the US allegations and would fight to prove his innocence. "The idea he took money out for his personal benefit is ludicrous," Mr Keith said. "The personal benefit allegation is wrong." Mr Naqvi watched on in a suit from the dock over more than four hours of argument at Westminster Magistrates Court on Friday. It was claimed Mr Naqvi, 59, had extensive connections to the Pakistan's elite, a hefty amount of wealth in the country, access to private jets and the ability to falsify documents. His family reside in at least two British properties in London and Oxfordshire. A number of relatives including his wife looked on from the public gallery. The businessman returned last night to custody where he could face a long detention. If he fights the US extradition warrant the process could drag out for two years or more, according to proceedings in the American courts. A number of Mr Naqvi's associates were present as potential guarantors if the former Abraaj chief was granted bail. His barrister said it was evidence of his good standing. Mr Naqvi left the UAE after Abraaj hit trouble in 2018. The company's collapse was one of the world’s biggest private-equity failures. Founded in 2002, it grew to become 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. Some of its notable investors included the Bill & Melinda Gates Foundation. "The SEC alleges that Naqvi and his firm raised money for the Abraaj Growth Markets Health Fund, collecting more than $100m over three years from US-based charitable organisations and other US investors," the US Securities and Exchange Commission said. According to the SEC's complaint, "Naqvi misappropriated money from the health fund and commingled the assets with corporate funds of Abraaj Investment Management Ltd and its parent company, and used it for purposes unrelated to the health fund." Earlier this week, US officials announced the former managing partner of Abraaj Group, Mustafa Abdel-Wadood, would go on trial over the company's collapse in November. He was detained by US officials earlier this month in New York, where he was planning to look at universities with his wife and son. Sivendran Vettivetpillai, another ex-Abraaj director, is fighting his own extradition battle with London authorities amid accusation he conspired with Mr Naqvi "to inflate valuations of positions held by Abraaj Funds in order to obtain greater investment from US investors”. Part of his role was overseeing the Abraaj's troubled healthcare fund.