Al Ain court orders man to pay Dh160,000 in fake investment case

Al Ain: The Al Ain Civil, Commercial and Administrative Cases Court has ordered a man to pay Dh160,000 to another in connection with a fraudulent investment scheme.

According to court documents, the plaintiff stated that the defendant convinced him he owned private companies and solicited funds to invest on his behalf.

Believing the claims, the plaintiff handed over Dh150,000 in two instalments, documented by a signed receipt.

Soon after, the defendant allegedly began avoiding communication and eventually stopped answering calls.

A forensic accounting expert appointed by the court found that the defendant had proposed a partnership in trade and foodstuffs, acknowledged receiving the money, and entered into an informal investment agreement with the plaintiff.

However, the defendant failed to honour the agreed terms, later claiming the capital had been lost and refusing to provide accurate partnership accounts.

The court ruled in favour of the plaintiff, ordering repayment of the Dh150,000 principal along with Dh20,000 in damages.

The judgment also included 12 per cent annual legal interest from the date of filing until full settlement, in addition to court fees and expenses.