Stock Dubai courts
Dubai Courts. Image Credit: Gulf News Archives

Dubai: Six people have been sentenced to six months in jail for assaulting a Dubai-based cryptocurrency consultant and stealing his money after they lost millions of dirhams while trading with him in the digital currency.

According to the Dubai Court of First Instance, the six defendants stole three expensive watches and a diamond ring - worth Dh390,000 and $200,000 (Dh735,600) - before fleeing the consultant’s home in Dubai.

The victim claimed the defendants came to his house, assaulted him and stole his money and belongings after a financial dispute related to their investment in cryptocurrency. The victim said he works in the cryptocurrency business and has wide knowledge of the sector.

The defendants had earlier met him and asked for advise on a crypto coin called ‘Fantom’.

“I told them to invest in it and they did. The coin made a big profit at that time and later I asked them to sell it and they did. Then they came with others, asking me to guide them to another coin for investment,” said the victim in official records.

Investment sinks

He gave them another piece of advice about a new crypto coin, whose price later fell. “The coin collapsed and reached a very low level and they lost their money.”

They contacted him again to discuss some way to get their money back. He told them about a new coin and suggested creating a website and announcing the coin to investors to buy.

“They made ads for the new coin and I invested with them. The coin price went high on the launch, but only for 15 minutes,” he added. A hacker hacked the crypto coin and it reached zero dollars in value.

‘They threatened to kill me’

“They later came to my house and were hysteric. They threatened me and later punched me in the face. I was bleeding from my eye. They threatened to kill me and my family.”

Read more

They stole his money, jewellery, and three expensive watches. He then reported the incident to Dubai Police. Dubai Police arrested five defendants while another defendant is still at large. They were charged with robbery, threatening, and assaulting the victim. They were sentenced to six months in jail to be followed by deportation.

The Dubai Court of Appeals upheld the verdict and added a fine of nearly Dh1 million.