A court in Ras Al-Khaimah recently heard a case brought by a OneCoin victim. Judgment was found in favor of the victims. 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.

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.

Free legal advice:

If you are a victim, in this case, do not remain passive. The previous cases and experiences have shown that the owners and founders of this and similar projects have retained a great deal of investors’ assets for themselves. These individuals are liable to have their private assets confiscated as well to make the victims of their alleged fraudulent activities whole again. You, as a victim, should submit your claim to the presiding authorities to have a chance at retrieving your investments.

If you have any questions, please contact us.

Kind Regards,

Zoran Miljakovic

Attorney at Law