UAE: Man Ordered to Pay Dh1 Million for Investment Fraud
An Abu Dhabi court has upheld a ruling requiring a man to pay Dh1,083,657, including Dh50,000 in compensation, to a woman he defrauded in a bogus investment scheme.
The woman filed a lawsuit after the man convinced her to take out a bank loan of Dh698,000, promising to repay her with profits from what he claimed was a legitimate business opportunity.
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After receiving the funds, the man stalled on repayment, becoming unreachable and eventually blocking her on social media. Realizing she had been deceived, the woman pursued legal action.
The court ruled in her favor, ordering full repayment and compensation, which the defendant later appealed, citing business losses.
However, the appeals court dismissed his claims, noting a lack of evidence for any legitimate business activity.
The court confirmed that the defendant must repay the full amount, emphasizing the seriousness of financial fraud in the UAE.
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