British developer Safi Qurashi was released on bail from a Dubai prison last night, his family said, after he was arrested again on Tuesday.
His arrest came a day after the Dubai Court of Cassation overturned two convictions related to the bouncing of three cheques he wrote worth US$60 million (Dh220.3m).
A family member said he was arrested "immediately" after his release. The arrest was for a separate charge of bouncing cheques worth Dh6m for a plot in Nakheel's Dubai Waterfront project. Qurashi has served two and a half years in jail.
* This version was updated on July 30 to include a correction. Safi Qurashi did not bounce three cheques worth US$60 million he wrote to Nakheel. In fact, the cheques were written to a third party.