A Dubai court has ordered a woman to pay Dh4.3 million in compensation after she was found guilty of defrauding an investor of $1 million through a fake cryptocurrency investment scheme carried out with her fugitive husband.
Court records show the case began when the investor met a man who claimed to own an investment company and offered to finance his business. The man demanded what he described as proof of financial solvency before signing any agreement and arranged a meeting in Dubai to complete the verification process.
The man failed to attend the meeting and sent his wife in his place. During the meeting, the woman allegedly carried out a premeditated scheme by distracting the investor and swapping a box containing a digital wallet device with an identical one she had prepared. The switch allowed her to gain access to the cryptocurrency keys and transfer the digital assets to other parties.
Dubai authorities later launched an investigation, and the case was filed as a criminal matter. The Dubai Misdemeanours and Infractions Court convicted the woman of theft, sentencing her to two months in jail, imposing a fine of about Dh1.8 million, equivalent to the value of the stolen assets at the time and ordering her deportation.
The Court of Appeal upheld the ruling, making it final.
Following the criminal conviction, the investor filed a separate civil case seeking full compensation, arguing that the value of the stolen cryptocurrency had significantly increased during the period he was deprived of access.
In its ruling, the civil court ordered the woman to pay Dh4.3 million in compensation for actual losses and lost profits, along with legal interest of 5% until full payment. The court said digital assets are considered property under the law and ruled that compensation should reflect their market value, including any appreciation.
