A court in Dubai has ordered a man of Asian nationality to repay Dh1.291 million to another Asian national after fraudulently obtaining digital currency from him.
The ruling was issued by the Dubai Court of First Instance following a final criminal conviction against the defendant, who was found guilty of using deceptive methods to take the victim’s virtual assets.
According to court records, the victim owned a cryptocurrency wallet and was approached by the defendant, who claimed he wanted to purchase a large amount of digital currency.
Investigations revealed that the accused, along with accomplices who are still at large, carried out a scheme designed to gain the victim’s trust.
Authorities said the defendant sent several individuals acting as intermediaries to the victim’s workplace to make the proposed transaction appear legitimate.
After gaining the victim’s confidence, the defendant met with him the following day and even displayed a large amount of cash to create the impression that the deal was genuine.
Believing the transaction was legitimate, the victim transferred part of the cryptocurrency to the defendant’s wallet as an advance payment. However, the defendant failed to complete the purchase and fled with the digital assets.
Police later identified the suspect using surveillance footage and arrested him.
Prosecutors charged the defendant with fraudulently seizing movable property valued at Dh1,291,500 through deceptive means.
A criminal court fined the defendant Dh10,000 and ordered him, along with his accomplices, to repay the money obtained through fraud.
Authorities also initially fined the victim Dh50,000 for operating a virtual asset service without the required license.
Both parties appealed the ruling. The Court of Appeal upheld the decision, and the case was later brought before the Court of Cassation.
The highest court ultimately rejected the defendant’s appeal and confirmed his conviction, while overturning the penalty imposed on the victim and ordering a retrial on that matter.
