The sentence came more than two months after another three-year prison sentence passed on him for issuing a dud cheque worth $6.1 million.

The cheques were issued by Al Boushi to Egyptian plaintiff Ibrahim Karrar.

Last May, a Cairo court sentenced the well-known businessman to 15 years, in absentia, after he was convicted of fraud. Al Boushi was found guilty of promising fake returns totalling
$62 million to investors.

As per the court’s order he is obligated to return the swindled funds to the people concerned.

Al Boushi had issued one of the cheques to Karrar at the latter’s residence in Jumeirah on December 17 last year. “The cheque was given to me as a revenue for investing my funds with him,” the plaintiff said in a statement to the Bur Dubai police while filing the complaint against Al Boushi.

Al Boushi claimed that he gave the cheques to the plaintiff in Egypt and not in Dubai.

The Egyptian authorities want the tycoon’s extradition for financial crimes.

Dubai’s Attorney General Essam Eissa Al Humaidan earlier said that Al Boushi would not be extradited till all his cases were closed in the UAE.

In June, a US federal court sentenced financier Bernard L. Madoff, 71, to 150 years in prison for a $50 billion fraud. The prosecutors said that the term was warranted by the ‘extraordinary dimensions’ of Madoff’s crimes.

mary@khaleejtimes.ae