UAE helps US in charging Nigerian influencer Hushpuppi

The UAE played a key role in bringing Nigerian Instagram celebrity Raymond "Hushpuppi" Abbas before a US court to face charges of money laundering.

Abbas, 37, was arrested in Dubai last year in a raid at a five-star hotel.

He pleaded guilty to money laundering in a US court last month and could face 20 years in prison.

Abbas, with five others, faces charges over an elaborate scheme to defraud a Qatari school founder and launder the proceeds through bank accounts around the world.

"The defendants allegedly faked the financing of a Qatari school by playing the roles of bank officials and creating a bogus website in a scheme that also bribed a foreign official to keep the elaborate pretence going after the victim was tipped off," said acting US attorney Tracy Wilkison.

"Abbas, who played a significant role in the scheme, funded his luxurious lifestyle by laundering illicit proceeds generated by con artists who use increasingly sophisticated means. In conjunction with our law enforcement partners, we will identify and prosecute perpetrators of business email compromise scams, which is a massive and growing international crime problem."

Hamid Al Zaabi, director general of the UAE's Executive Office of Anti-Money Laundering and Counter Terrorism Financing, said the case was a testament to UAE's commitment to international co-operation on these cases, state news agency Wam reported.

"This case will act as a landmark for the effectiveness of multinational collaboration," Mr Al Zaabi said.

"While led by the Federal Bureau of Investigation, the UAE law enforcement community played a strategic role in the apprehension of the defendants."

The office was established in February to combat money launderers, organisations and people suspected of financing terrorists and organised crime.

Abbas, meanwhile, has more than two million followers on Instagram. He is known for his displays of wealth on social media.

The court heard of his extravagant lifestyle – he lived in the residence of the Palazzo Versace on Dubai Creek and owned a fleet of luxury cars.

Original raid on Hushpuppi's Versace residence apartment - in pictures

Ramon Abbas was extradited to the US after his arrest in Dubai in 2020. He was sentenced to 11 years in jail on Monday, November 7, 2022. Photo: Dubai Police

Hushpuppi posed as a property investor and businessman. Pictures from his Instagram account – which had more than two million followers before it was shut down – showed him landing at Atlantis, The Palm in a helicopter. Photo: Dubai Police

Police said they had sought Hushpuppi after he was implicated in an online fraud. Photo: Dubai Police

A police video showed the suspect apparently admitting and explaining how the fraud worked. Photo: Dubai Police

A police video showed arrests at luxury properties in Dubai. Photo: Dubai Police

Hushpuppi was arrested along with 11 others, some of whom are pictured here. Photo: Dubai Police

Officers seized 13 luxury cars worth an estimated Dh25 million ($6.8m). The vehicles had been paid for with victims' money. Photo: Dubai Police

Hushpuppi with a Rolls-Royce in Dubai. The National

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UAE Premiership

Results

Dubai Exiles 24-28 Jebel Ali Dragons
Abu Dhabi Harlequins 43-27 Dubai Hurricanes

Final
Abu Dhabi Harlequins v Jebel Ali Dragons, Friday, March 29, 5pm at The Sevens, Dubai

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Favourite spot in Abu Dhabi: Saadiyat beach

THE CLOWN OF GAZA

Director: Abdulrahman Sabbah

Starring: Alaa Meqdad

Rating: 4/5

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RESULTS

Catchweight 63.5kg: Shakriyor Juraev (UZB) beat Bahez Khoshnaw (IRQ). Round 3 TKO (body kick)

Lightweight: Nart Abida (JOR) beat Moussa Salih (MAR). Round 1 by rear naked choke

Catchweight 79kg: Laid Zerhouni (ALG) beat Ahmed Saeb (IRQ). Round 1 TKO (punches)

Catchweight 58kg: Omar Al Hussaini (UAE) beat Mohamed Sahabdeen (SLA) Round 1 rear naked choke

Flyweight: Lina Fayyad (JOR) beat Sophia Haddouche (ALG) Round 2 TKO (ground and pound)

Catchweight 80kg: Badreddine Diani (MAR) beat Sofiane Aïssaoui (ALG) Round 2 TKO

Flyweight: Sabriye Sengul (TUR) beat Mona Ftouhi (TUN). Unanimous decision

Middleweight: Kher Khalifa Eshoushan (LIB) beat Essa Basem (JOR). Round 1 rear naked choke

Heavyweight: Mohamed Jumaa (SUD) beat Hassen Rahat (MAR). Round 1 TKO (ground and pound)

Lightweight: Abdullah Mohammad Ali Musalim (UAE beat Omar Emad (EGY). Round 1 triangle choke

Catchweight 62kg: Ali Taleb (IRQ) beat Mohamed El Mesbahi (MAR). Round 2 KO

Catchweight 88kg: Mohamad Osseili (LEB) beat Samir Zaidi (COM). Unanimous decision

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”