UAE court clears man of causing company Dh515,500 loss

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Ras Al Khaimah - The lower court found the suspect guilty and ordered him to serve three months in jail and pay a fine of Dh100,000.



Published: Mon 9 Mar 2020, 10:05 PM

Last updated: Tue 10 Mar 2020, 12:07 AM

The Ras Al Khaimah Court of Appeal has acquitted an Asian man after he was accused of duping his partner while causing a loss of around Dh515,500 in Bitcoin trade to the company.
Court records show that the case unfolded when the plaintiff lodged a complaint with 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 cheating his partner and being responsible for the loss of about $140,000 (about Dh515,000).
As per the sheet of indictment, the duo earlier agreed on partnering in setting up a digital currency company. However, the first (plaintiff) lost $120,000, while the second man (the defendant) lost $20,000.
The lower court found the suspect guilty and ordered him to serve three months in jail and pay a fine of Dh100,000.
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 plea, and ordered retrial before another bench of judges.
The court of appeal this time ruled in favour of the defendant and scrapped the jail and fine. In its ruling, the court affirmed that the defendant had nothing to do with the loss of the company's money in digital currency trading as per the official reports submitted.
ahmedshaaban@khaleejtimes.com


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