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Q: I met a Dubai entrepreneur who convinced me to try cryptocurrency trading after he talked about how he made money through it. After a friendly conversation, I trusted him and transferred Dh500,000 to his crypto account. He asked me to download an app to trade alongside with him and I was making huge returns. When I tried to withdraw my money, my transaction was rejected. This made me suspicious and after researching, I found out that the trading platform was fake. I lost my money. Please advise how can I recover my investment.
Atty. Barney says: Cryptocurrency transactions are highly regulated in the UAE. In fact, it is prohibited to advertise or promote investment in cryptocurrency without the approval of regulators.
Based on your story, it appears that the person who received your money is not connected to any licensed investment company. You will have to file a criminal case at the nearest police station where the transfer of money happened or the residence of the person. A travel ban will be placed against the scammer during the pendency of the case.
Do you have a question for Attorney Barney? Contact him at barney@gulflaw.info or call +971558650248. Barney Almazar is a director at Gulf Law in the UAE, Philippines, UK and Portugal. He is a member of the Philippine Bar and holds a UAE legal consultancy license. He is listed by Thomsom Reuters as one of the Super 50 lawyers in the Middle East and North Africa. Asian Legal Business has ranked him as top lawyer in the Philippines, Southeast Asia and Middle East. Know more about him here
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