In distinction to the crime infested cesspool that’s Dubai, a court docket in Ras Al-Khaimah not too long ago heard a case introduced by a OneCoin sufferer.
Judgment was present in favor of the sufferer (shocked pikachu face).
Based on the court docket submitting, the sufferer plaintiff was offered 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 attraction, 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 carried out via a “Deal Shaker” platform, and it doesn’t violate the regulation nor public coverage.
The scammer tried to argue that the phrases the OneCoin tokens have been offered below meant
the Vendor would keep the cryptocurrency in accordance with the Vendor’s phrases and situations as listed on-line and launch it for switch to the Purchaser between sure durations 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 article of the underlying settlement, was deemed related to fraud that tempts buyers to affix a Ponzi scheme.
The Court docket concluded that the offered foreign money and its circulation constitutes fraud, which makes it an invalid transaction and a violation of regulation and public coverage.
If solely Dubai’s authorities have been on the identical degree as Ras Al-Khaimah’s courts.
