Dubai: Dubai prosecutors have issued an arrest warrant against an investor, who was sentenced to three years in jail for issuing a cheque to the tune of Dh214 million to a fellow businessman before defaulting on the payment.

Dubai Public Prosecution issued a local arrest warrant and have communicated with Interpol to get an international arrest warrant out against the investor who was found guilty of issuing the bad cheque in October 2017.

The Dubai Misdemeanours Court sentenced the defendant in absentia to three years in jail.

Court records stated that the Afghan investor was involved in a number of business projects in Dubai and was fairly successful in his ventures between 2006 and 2014. When his businesses started floundering, he borrowed money from a fellow businessman. The two men signed an agreement with the defendant promising to repay the money in January 2018 and handing his benefactor a guarantee cheque of Dh214 million.

Despite the fact that the two parties signed the agreement and had it notarised at Dubai’s Notary Public, the investor failed to honour the agreement and didn’t repay the money he owed.

When the businessman who provided the loan deposited the cheque at the bank, the teller notified him that there was insufficient funds in the said account to honour the payment.

The aggrieved businessman lodged a police complaint and primary interrogations revealed that the defendant had absconded from the UAE.

The defendant was convicted on the charge of signing a bad cheque.

Gulf News has learnt that a local arrest warrant was issued earlier this month against the defendant, who is expected to be handed over to the authorities once he is apprehended.

According to the Criminal Procedures Law, the accused will be handed over to Dubai Public Prosecution’s Criminal Rulings Execution Section to serve his imprisonment. Since he was sentenced in absentia, the accused is entitled a retrial once he is arrested or turns himself in to authorities.