Dubai – Mubasher: Arif Naqvi, the founder of The Abraaj Group, is facing criminal charges in the UAE for issuing a cheque without enough funds, the Financial Times reported. This is a new addition to ongoing charges faced by Abraaj following money misuse allegations at one of its funds.

A Sharjah court is set to determine, on Thursday, whether, or not, Naqvi and colleague Muhammed Rafique Lakhani had issued the cheque without sufficient funds in the account.

The claim amounts to AED 177 million ($48.2 million), whereas the bounced cheque was to be used as a partial security for around $300 million in loans made by Abraaj to Hamid Jafar, the founder of the Sharjah-based Crescent Group, the Financial Times reported, citing an informed but anonymous source as saying.

“[Naqvi] is now wanted on criminal charges in the UAE and is refusing to come back and answer to them,” the newspaper added, quoting a person familiar with the case as saying.

Meanwhile, Habib Al Mulla, Naqvi’s attorney was quoted as denying the allegations and saying that “the loan was given and the cheques were issued in a genuine commercial transactions and should be dealt with in a commercial manner.”

“Offers for payment and adequate securities were provided,” Al Mulla added.

The case’s prosecutor has reportedly issued an arrest warrant against Naqvi, who is currently in the UK, the newspaper added. Lawyers expect Naqvi to be tried in absentia.

“Al Mulla added that there is a “serious” discussion ongoing on repayment, and that he is confident that a solution can be done that is satisfactory to all parties involved, noting that Naqvi will not be in attendance at the hearing and that he had admitted that the cheque had not cleared,” Arabian Business reported.

This follows Abraaj’s series of announcements after it officially filed for liquidation earlier this month following allegations of money misuse in its $1 billion healthcare fund.