Q: What is the best way to recover money from a cryptocurrency exchange scam? The platform I'm using to trade cryptocurrency is based in Singapore but operated by Chinese people. I have invested 150k AED into it, coming all from my credit cards. When I wanted to withdraw money, the customer service said that I need to pay taxes on the profit amount. After paying taxes to them, they are now saying the financial intelligence department found that my account is abnormal and suspected of money laundering due to recent frequent trades and excessive txn volume. They want me to deposit 20% of my account amt (10k USD) within a week to prove that I didn't launder money, or it will be frozen and will report me to the FI dept. Can you please advise if this is legal according to the laws and regulations of Singapore? I don't have money anymore to pay them and I think it's just a scam. The platform recently had the system upgraded and changed; no license, no t&cs, no physical address, no phone number. Shall I report to the police now?

Q: I believe that I am a victim of a crypto scam. I met a girl on tinder on 17/06/21 and after talking, we exchanged numbers. She onboarded me to Binance using step-by-step screenshots, helping me to set up an account. She then asked me to set up an account on another platform which I now believe is a fake platform. Over a period of three months, she consistently encouraged me to deposit more and more money, and I was making huge returns. In total, I deposited around 250k USD and supposedly had returns of 850k USD. But just recently when I tried to withdraw some of this, my withdrawal was declined and customer services told me I had to pay 150k USD in tax in order to access these funds. I was very suspicious now and refused to pay. It was at this point that customer service stopped replying to me. I hope I can recoup some of the losses and this person can be brought to justice.

Q: Hello Sir, Subj: First Islamic CryptoCurrency (FICS) An investment company called [------] based in RAK started receiving investments in FICS in the year 2019. In March 2019 I had invested AED 50,000 (the value of one Crypto token is USD 0.10) and they offered an initial bonus of 30% for the total investments as well. After one year of the investment, they informed me that all my total investment is shifted to [S] account. After some time, they informed me that [S] has tied up with the [----] platform and we can start very soon the trading. Unfortunately, no trading has been started yet, also I am unable to contact anyone in this company [A] or [S]. Kindly advise how can I get my money back, should I file a criminal case against it? Do you think this is a fraud? Looking forward to your kind reply. K. M.

Q: I was a victim of a crypto-scam and have tried to file a police report on multiple occasions. However, they continue to reject my complaint. Can this be filed by a legal representative? Perhaps they will take it more seriously.

Q: Recently, I have been scammed by a person who claimed to be an agent for an organization in Singapore. She claimed that she does 1 min of battle contract trading giving signals to her clients to make the most money. Basically, she asked us to register on a website on which there was battle contract trading. She would make us transfer USDT into the account. She would then give us signals to participate in trading where she made us win profit and every day against our capital. I was introduced by a friend who was dealing with her. He made money and did some withdrawals. After he introduced several other people who trusted him since he was making money and had withdrawn some amount, we tried to withdraw our profit too. That's when the curtain's dropped and all of us realized that we have been scammed. Please help me, I have all the evidence. I can even see my money going from one crypto wallet to another. I just need guidance from professionals to trace my money and get it back. Please Help.

Q: Hello all, I am based in the UAE, however, I have been scammed by a CFD trading broker called (........) based in the UK (they claim to be based in the UK). Their site is down now and they have deleted all the communication channels. However, I found that they have hosted the same site on a different domain. I have lost more than $210,000 dollars. The total withdrawal amount was close to $500,000. When I tried to withdraw my funds from the platform, they asked for more funds as tax payment and after I paid those, they kept on bringing new issues and asking for more funds. When I declined their request on WhatsApp and told them that I will report to the police and file cases, they seem unmoved by these. They even told me to go and report them and they don't care. Please let me know the actions I can take against those fraudsters. I really don’t want to let them escape this easily especially with our hard-earned money. Kindly let me know if there is a way to recover my funds.

Q: Dear sir/madam, It is related to cryptocurrency. On 26th Jan 2022, I made a deal on Binance exchange for selling crypto tokens worth AED 100.000 to a person (buyer). Accordingly, I received the money and the crypto tokens were released. But the money I received was from her sister's account as the buyer told me. I asked for the Emirates ID of both persons and released the cryptocurrency to the buyer in a good faith. On 31st Jan 2022, I came to know that the party (her sister) who had transferred money to my bank had become a victim of e-commerce fraud, and her account was hacked by a Binance buyer who has transferred money to me on the pretext of other bank account holder. My bank account has been frozen upon complaint from the other party whose bank details were compromised and I am having a travel ban currently. I also registered an e-crime complaint on 1st Feb 2022. Please get in touch if you can assist in removing the travel ban.

Q: Hello Sir My son is trading in cryptocurrency, online trading, and Binance exchange, with no personal contact. A  drug dealer purchased crypto & used that money for drug trafficking. So the police arrested my son also and the investigation is under process. What is the maximum time for investigation and when will it be transferred to the court? How much time will it take?

Q: I have not done any trading online before. However, I found one company that is recommended by the UAE government that I contacted online and I was called shortly after that and trading started. I had no education on what is going on and my account manager was the one who tells me what to do, like close trade, open trade, buy or sell and how many lots to put. I lost approx. AED 70000 in 6 days. Do I have a case and can I retrieve my money back?

Q: Dear Sir/Madam, A person came to buy my car. I gave him the car for a test drive, but he did not return it. The documents he gave me were for his cousin, who is in Pakistan. I have only documents as evidence, so I reported him to the court. The court sentenced him to three months in prison, but my car has not been recovered. I only have the mobile number of the person who took my car, and it is active. What should I do to get my car back soon?

Q: I give an investment to a Pakistani individual for trading opportunities in cryptocurrency. He gave me three cheques as security against my investment. He used to give me profits every month. After 4 months, he failed to give me a profit by saying all investments were liquidated and lost. I opened a cheque execution case against him and all three cheques (100k + 12k + 29K AED) got bounced due to insufficient funds. During this stage, the person managed to leave UAE and flee to his home country ( Pakistan). It is more than 4 months after my execution case yet I didn't receive any money from the court. How can I recover my money? I need a detailed answer. Thanks.

With the introduction of the new procedures for obtaining a power of attorney (POA) remotely in the UAE, after it was mandatory to appear in person in front of the notary public as a global rule to ensure the identity and intention of the person requesting a POA, we put between your hands this brief guide for how you get it done.

The new law is applicable to all entities dealing with virtual assets that are set up on the mainland as well as free zones, including special development zones. However, it does not apply to the Dubai International Financial Center (DIFC), which will have its own set of rules and regulations governing all virtual assets entities registered with the DIFC.

Blackwater International, a leading private security and investigative company, has established a reputation for handling complex and high-stakes operations. One of the most challenging areas the company has ventured into is cryptocurrency asset recovery. This case study explores a recent successful recovery operation conducted by Blackwater International, highlighting their methodology, challenges faced, and the impact of their efforts.

We're seeing a significant change in the way we do business. The development of artificial intelligence (AI) is speeding up the transition to a more automated and digital future. This change is especially noticeable in transactions and contracts. Businesses of all sizes should consider e-contracts and digital transactions, as they can improve efficiency, streamline processes, and eventually open up new growth opportunities.

This Law promulgates the Federal Penal Code (Criminal Law) of the United Arab Emirates. Crimes and chastisement punishments shall be determined in accordance with the provisions of this Law and other penal codes.