Court sentences 2, fines them Dhs1.09m for fraud

The Dubai Misdemeanors Court sentenced an Asian in person and another in absentia to three months in jail to be followed by deportation and fined them jointly Dhs1.098 million on fraud charges.

- Mohammed Yaseen, Staff Reporter

The defendants lured a European through a fake cryptocurrency project worth the same amount of the fine.

The case dated back to November last year when a European investor reported to the police that he had fallen victim to fraud by the defendants who lured him into buying a digital currency at a price lower than its global trading price.

The victim stated that the first defendant misled him into believing that the second defendant, who is still at large, was trading digital currencies and offering them for sale through a well-known trading platform, but at a price lower than the global price, which would generate large profits for him when re-trading.