I have read that it is not permissible to fold the pants above the ankles for Salaat.

Answer

The Bid'ati who makes the claim about folding the pants is an ignoramus. It is haraam – absolutely haraam – to have the pants dangling below the ankles. Bid'atis are trying to justify their practice of wearing the pants below the ankles.

The 'folding' of clothes in Salaat does not refer to the pants. It refers to the shawl which some people would fold to prevent it touching the ground. It does not refer to the pants.

Firstly, it is haraam to have the pants below the ankles. It is therefore a greater haraam to commit a haraam act in Salaat. Folding the pants whilst not the solution for the sin, is the lesser of the two evils. The greater sin is to dangle the pants below the ankles.