Beware of OneCoin – Review Part 7

In contrast to the crime-ridden quagmire of Dubai, a court in Ras Al-Khaimah recently heard a OneCoin victim’s case.

The victim was granted a favorable verdict (shocked Pikachu face).

The victim plaintiff was sold 40,000 OneCoin Ponzi tokens for AED 100,000 (27,225 USD), according to the court complaint.

The recruited con artist failed to transfer the OneCoin tokens after receiving the payment.

This caused the victim to file a lawsuit in Ras Al-Primary Khaimah’s Court.

The Primary Court found in favor of the OneCoin victim, ordering the fraudster to restore the investment plus AED 10,000 (about USD 2,722) in compensation.

This resulted in an appeal, according to Lexology;

The Seller argued before the Appeals Court that the transaction is legitimate since it was performed through the “Deal Shaker” platform and because it does not violate the law or public policy.

The con artist attempted to explain that the terms under which OneCoin tokens were sold implied

The Seller would hold the cryptocurrency by the Seller’s online terms and conditions and release it for transfer to the Buyer at certain intervals.

The Appeals Court rejected the con artist’s claim and determined that OneCoin was a Ponzi scheme.

As the subject of the underlying agreement, the Court determined that OneCoin (together with its affiliated firms and creator Ruja Ignatova) was linked with fraud that induces investors to participate in a Ponzi scheme.

The Court determined that the sold money and its circulation constituted fraud, rendering the transaction unlawful and in violation of law and public policy.

If only Dubai’s officials were on par with those of Ras Al-Khaimah!

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