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BTC fraud charges on Asian amounting to $140K dropped by UAE CA

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An unidentified Asian man who was earlier charged by a court at United Arab Emirates (UAE) for BTC fraud charges has had his case reversed after a long legal battle. The accused was charged by a criminal court for allegedly scamming his business associate of over $130,000 in BTC.

Local reports in the United Arab Emirates revealed that the Asian who was said to be guilty as charged by a customary court and another Court of Appeal had to go to a superior court to be re-tried. The court, in its record, held that the business partners (both parties) made plans to set up a crypto exchange firm. As the initial plan, both parties made began to go sideways, the accused lost around $19,000, and the other party lost over $100,000.

The petitioner, as a result, felt he was scammed by the Asian and decided to report the incident at a police station in the United Arab Emirates. The Asian was said to be guilty in the criminal court he was initially charged and sentenced to three months in prison and asked to pay a fine of over $27.

The Asian man feeling justice was not served in the criminal court appealed the BTC fraud charges case in a Court of Appeal where he was once more found guilty with his term in prison hiked to six months.

Reportedly, the Asian man re-appealed the BTC fraud charges at the Court of Cassation, where the accused asked that the case be looked into again under several panels of judges.

Afterward, the said unidentified Asian man was favored in the second ruling at the court and the fine slapped was waived because he could not be held responsible for the loss of the money set aside to begin the crypto exchange firm.

BTC fraud charges: crypto scam, a rampant scourge

In February, a California man pleaded guilty to a similar case, the Asian appealed so many times before vindication. The Californian was caught in between a $147 million cryptocurrency-related scheme.

Reportedly, an American non-profit organization (NGO) revealed that cryptocurrency trading and investment are among the riskiest scams in the world now. The NGO reported that these cryptocurrency scams are usually carried out via emails.

Featured Image by Pixabay

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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