Arif Naqvi Image Credit: Bloomberg

Dubai: A Sharjah court that heard a cheque bounce case against Arif Naqvi, founder of the private equity firm Abraaj on Sunday adjourned until Tuesday, August 28.

The court which heard the case on August 14 had reserved its judgement to August 26.

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.

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

While Naqvi is out of the country, he is represented by Dr Habib Al Mulla, executive chairman at Baker McKenzie Habib Al Mulla, Hamid Jafar is represented by Essam Al Tamimi, Senior Partner at Al Tamimi & Co.

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