The Dubai Court of Appeal has maintained a conviction against a gang that cheated a Bitcoin investor out of $1 million in a phony cryptocurrency exchange.
The five offenders were sentenced to three years in prison, with the possibility of deportation. In addition, they were penalized $1 million.
The businessman was duped by the first defendant, who lured him to a property in Dubai’s Al Barsha region to buy cryptocurrency before attacking him with others who are still at large and stealing $820,000 and two watches worth $180,000.
- “I found a card on my car about sale of Bitcoins at a rate that was cheaper than the market rate. I called the number on the card and made a deal with them to buy cryptocurrency. They asked me to come to a villa in Al Barsha with the money,” said the businessman on record.
He entered the mansion to pay the bill and deposit the Bitcoin into his cryptocurrency account. Three more defendants raided the location while the money was being tallied, dressed in PPE and masks and posed as police officers from his native country.
- “I was told that they will take me back to my country. They tied my hands, covered my eyes and took me to a car after stealing the money,” said the victim in officials records.
He was transported to Fujairah and held in a car for four hours before being transferred to another vehicle.
Another defendant in the second vehicle stole the businessman’s valuable watch and returned him to Dubai without beating him.
