A court in Sharjah, UAE, has adjourned the hearing of a cheque bounce case against Arif Naqvi, founder of the private equity firm Abraaj, to tomorrow (August 28), reports said.

 

This is second such case against Naqvi to be heard in a court in the UAE. The case relates to a cheque worth $217 million (Dh798 million) issued by Naqvi to Sharjah-based Crescent Group founder Hamid Jafar, said a Gulf News report.

 

The new case comes after a similar case relating to a cheque bounce of $300 million was settled out of court on July 15, it said.

 

Cheque bounce is a criminal offence in the UAE and Naqvi could face a jail term if found guilty, the report added.