Two fraudsters impersonating a well-known trading firm have swindled an Arab woman out of approximately AED 1.1 million after luring her into a fraudulent cryptocurrency investment scheme.

According to case details, the unidentified individuals posed as representatives of a reputable company, deceiving the victim with promises of quick profits and high returns. Trusting their claims, the woman transferred funds in several stages through various transactions, totaling more than AED 1.106 million.

The plaintiff stated that the scammers provided regular reports of alleged profits and investment growth, which prompted her to invest further. However, when she attempted to withdraw her principal and the promised returns, she discovered that the name of the company she believed she was dealing with had been forged and misused by unknown individuals to defraud investors.

The woman subsequently filed a civil lawsuit in the Dubai courts, seeking the return of her money and AED 400,000 in compensation. She accused two individuals of receiving the funds and submitted documents including a consultancy report, a trade license, and records related to investment portfolio management.

However, the court ruled that the evidence provided was insufficient to establish the defendants' liability. The court noted that there were no financial documents or bank records proving that the funds had been transferred to the defendants' accounts. Furthermore, no direct contractual relationship between the plaintiff and the defendants was established, nor was there evidence that they had managed her investment or received the money.

The court emphasized that mere suspicion or belief in a person's responsibility is not enough to establish civil liability. It stated that the plaintiff must prove the violation, the damage, and a direct link between them with clear evidence.

Ultimately, the court dismissed the case due to a lack of evidence linking the defendants to the disputed amounts or identifying the actual perpetrators of the fraud. The plaintiff was ordered to pay the legal costs.