In a delicious twist of irony, a court in crime infested Dubai recently heard a case brought by a OneCoin victim.
According to the court filing, the victim plaintiff was sold 40,000 OneCoin Ponzi tokens for AED 100,000 (~27,225 USD).
Upon receiving the funds, the recruited scammer then failed to transfer the OneCoin tokens over.
This prompted the victim to file a lawsuit in the Primary Court of Ras Al-Khaimah.
The Primary Court ruled in favor of the OneCoin victim, ordering the recruiting scammer to return the invested amount plus AED 10,000 in compensation (~$2,722 USD).
This prompted an appeal, as reported by Lexology;
The Seller appealed the Primary Court judgment before the Appeals Court arguing that the sale is valid as it was conducted through a “Deal Shaker” platform, and it does not violate the law nor public policy.
The scammer tried to argue that the terms the OneCoin tokens were sold under meant
the Seller would maintain the cryptocurrency in accordance with the Seller’s terms and conditions as listed online and release it for transfer to the Buyer between certain periods of time.
The Appeals Court rejected the scammer’s argument, finding OneCoin to be a Ponzi scheme.
The Court found that OneCoin (and its related companies and its founder Ruja Ignatova), as being the object of the underlying agreement, was deemed associated with fraud that tempts investors to join a Ponzi scheme.
The Court concluded that the sold currency and its circulation constitutes fraud, which makes it an invalid transaction and a violation of law and public policy.
If only Dubai’s authorities were on the same level as their courts.