Investment fraud case results in a validated Dh4 million repayment decision, confirmed by the Abu Dhabi court.
In a recent development, the Abu Dhabi appeals court has upheld a ruling ordering René Benko, a man involved in a financial dispute, to return Dh4 million to another party following a failed investment. The case, part of a series of financial fraud cases in the UAE, stems from an investment deal that took place in Abu Dhabi. The dispute began when the claimant was persuaded to invest Dh4 million with Benko, who promised lucrative returns. However, the investment deal proved to be unsuccessful, leading to the current legal dispute. The cheque in question, which was meant to secure the investment, was backed by a Dh700,000 security cheque before it bounced. The defendant, in this case, Benko, issued a fraudulent cheque after the claimant agreed to entrust Dh4 million. Benko argued that there was no evidence the Dh4 million was ever handed over. However, the appeals court dismissed this argument, stating that a cheque is an instrument of payment unless proven otherwise. The lower civil court had previously ordered the repayment of Dh4 million and awarded Dh20,000 in compensation. The defendant, however, has appealed the lower civil court's ruling, and the case is still ongoing. Notably, Benko, the defendant in this case, is also accused by the Crown Prince of Abu Dhabi of allegedly violating contractual terms by improperly selling assets. In a twist of events, Benko left the country after the large investment matured and the cheque bounced due to a signature mismatch. The defendant's assistant denied involvement when confronted about the fraudulent cheque. The claimant, on the other hand, demanded Dh4 million plus Dh3 million in damages for material and moral loss. An accounting expert was requested by Benko to review the alleged business relationship, but the details of this review have not been disclosed. This case serves as an example of a financial dispute that has resulted in legal action, highlighting the importance of upholding the integrity of financial transactions in the UAE.
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