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Abraaj founder reaches settlement on $48M bounced check claim: Wall Street Journal

Arif Naqvi, the founder of Abraaj Group, has reached a settlement on a claim that he bounced a $48 million check, the Wall Street Journal reported. Naqvi faced a potential three-year prison sentence if convicted on charges he issued checks with insufficient funds in Sharjah, one of the United Arab Emirates’ seven federated states, the story said. The settlement means Naqvi is avoiding prosecution, the WSJ said.