Court upholds verdict in investment fraud case

The Dubai Court of Appeal upheld the first instance court's ruling jailing an Asian national and another in absentia for three months, fining them jointly Dhsl.098 million, and deporting them from the country after serving their sentence, for luring a European investor through a fictitious project to sell digital currencies and seizing the value of the fine.

- Mohammed Yaseen, Staff Reporter

The details of the incident date back to last November when a European investor filed a report stating that he had been defrauded and deceived by the defendants, as one of them lured him into buying digital currency at a price lower than its global trading price.

The European reported that the first defendant had made him believe that the second, who is on the run, traded digital currencies and offered them for sale on a well-known trading platform at a price lower than the global price, which would then generate significant profits for him.

He added that he agreed with the first defendant to meet the second at a hotel in Mankhool area in Dubai.