UAE expat cleared of fraud, losing up to Dh515,000 in Bitcoin trade

UAE expat cleared of fraud, losing up to Dh515,000 in Bitcoin trade

Filed on March 9, 2020 | Last updated on March 9, 2020 at 12.43 pm. The Ras Al Khaimah Court of Appeal has acquitted an Asian man after he was accused of duping his partner and incurring a loss of around Dh515,000 in Bitcoin digital currency trade.. Court records show that the case unfolded when the plaintiff lodged a complaint at the RAK police accusing the defendant of conning him and siphoning off his money after losing a big amount of money.. The case was moved to the RAK public prosecution which referred the defendant to the criminal court on charges of coning his partner and being responsible for the loss of about USD 140,000 (about Dh515,000).. As per the sheet of indictment, the duo earlier agreed on partnering in setting up a digital currency company.. Being dissatisfied with the ruling, the defendant approached the court of appeal which also convicted him and ordered him to serve six months in prison.. The case was taken to the court of cassation which approved the defendant's pleading, and ordered retrial before another bench of judges.. The court of appeal this time ordered in favour of the defendant, exonerated him, and scrapped the