Dubai investor loses Dh1 million in crypto scam; court upholds jail term

Two men jailed and fined after luring investor with fake digital currency deal

Last updated: December 31, 2025 | 11:07

1 MIN READ

Stock - Virtual assets / cryptocurrency / crypto

The investor had met the suspects at a hotel in the Al Mankhool area in Dubai

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The Dubai Court of Appeal has upheld a lower court ruling sentencing two Asian men to three months in prison and ordering them to jointly repay Dh1.098 million, after convicting them of defrauding a European investor in a sham cryptocurrency transaction. The court also ordered their deportation after serving their sentences.

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The case dates to a complaint filed by the investor in November, alleging he had been lured into a bogus digital currency deal. According to court records, one defendant persuaded the victim to buy cryptocurrency at a price below the global market rate, promising substantial profits on resale, Al Khaleej Arabic daily reported.

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He claimed that a second suspect, now at large, was trading digital currencies through a well-known platform.

The investor agreed to meet the suspects at a hotel in the Al Mankhool area, arriving with Dh1.098 million in cash. During the meeting, the fugitive suspect displayed links to an active electronic wallet and agreed on a purchase price. He then took the money, claiming it needed to be verified using a counting machine at the hotel, and did not return.

Khitam Al Amir

With over 30 years of journalistic experience spanning from Jordan to the UAE, Khitam has spent the past 22 years reporting on national and regional news from Dubai, with a strong focus on the UAE, GCC and broader Arab affairs. As Chief News Editor, she brings extensive expertise in delivering breaking and engaging news to readers. Beginning her tenure as a translator, she advanced through roles as Senior Translator and Chief Translator before transitioning to editorial positions, culminating in her current leadership role. Her responsibilities encompass monitoring breaking news across the UAE and the broader Arab region, ensuring timely and accurate dissemination to the public. Born into a family of journalists, Khitam's passion for news was ignited early in life. A defining moment in her youth occurred in September 1985 when she had the opportunity to converse with the late British Prime Minister Margaret Thatcher during her visit to a Palestinian refugee camp north of Amman. During this encounter, Khitam shared her family's experiences of displacement from their home in Palestine and their subsequent refuge in Jordan. This poignant interaction not only deepened her understanding of geopolitical issues but also solidified her commitment to pursuing a career in journalism, aiming to shed light on the stories of those affected by regional conflicts. Khitam’s commitment to accurate and timely reporting drives her to seek out news that interests readers, making her a trusted source for news on the UAE and the broader Gulf region.

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