In a scrumptious twist of irony, a courtroom in crime infested Dubai not too long ago heard a case introduced by a OneCoin sufferer.
In line with the courtroom submitting, the sufferer plaintiff was bought 40,000 OneCoin Ponzi tokens for AED 100,000 (~27,225 USD).
Upon receiving the funds, the recruited scammer then did not switch the OneCoin tokens over.
This prompted the sufferer to file a lawsuit within the Major Court docket of Ras Al-Khaimah.
The Major Court docket dominated in favor of the OneCoin sufferer, ordering the recruiting scammer to return the invested quantity plus AED 10,000 in compensation (~$2,722 USD).
This prompted an enchantment, as reported by Lexology;
The Vendor appealed the Major Court docket judgment earlier than the Appeals Court docket arguing that the sale is legitimate because it was performed via a “Deal Shaker” platform, and it doesn’t violate the legislation nor public coverage.
The scammer tried to argue that the phrases the OneCoin tokens had been bought underneath meant
the Vendor would keep the cryptocurrency in accordance with the Vendor’s phrases and circumstances as listed on-line and launch it for switch to the Purchaser between sure intervals of time.
The Appeals Court docket rejected the scammer’s argument, discovering OneCoin to be a Ponzi scheme.
The Court docket discovered that OneCoin (and its associated firms and its founder Ruja Ignatova), as being the thing of the underlying settlement, was deemed related to fraud that tempts traders to affix a Ponzi scheme.
The Court docket concluded that the bought foreign money and its circulation constitutes fraud, which makes it an invalid transaction and a violation of legislation and public coverage.
If solely Dubai’s authorities had been on the identical degree as their courts.
