Huge Crypto Loans Taken in the UAE

Endy Callahan

How many people dealing with cryptocurrencies there are is not always easy to find out. Their number is constantly increasing and this tendency is typical of almost all countries across the world. We know that the UAE is one of the most developed areas and the number of people who run their businesses there is really high. The country itself can offer plenty of opportunities to those who are full of ideas and can use their talents and skills to improve the current situation.

What the population of the country does is great and we see how fast the UAE is growing in many spheres. This includes the crypto industry and its community. Recently, the local news outlets have informed about a foreign resident who was arrested in Abu Dhabi. He was accused of not being able to return the loan. Right now, the man is facing prison time and the government blames him for a loan of one thousand USD he didn’t manage to pay in due time.

However, the sources claim that the accused person has already received twenty-seven thousand and four hundred USD in donations.

The news about what happened some time ago reached thousands of people across the country as well as overseas. The crypto community was discussing the issue and trying to find out more details about the lawsuit. Of course, the news came as a surprise to the man’s colleagues. His former coworkers did all possible to help resolve the problem and made donations to save their friend from prison. The man whom the bank accused of an unpaid loan worked as a flight attendant.

Some time ago, he asked for a loan to be able to invest the money in cryptocurrency. He received one hundred thousand, but he couldn’t foresee the future events and how the situation will form for him. As a result, he didn’t return the loan in time and had to face judges. Now, as many believe, he will be able to avoid going to jail since he collected twenty-five percent of the total debt – the money he received was sent by his ex-colleagues.

Lots Received – More to Return

Judges admit that his debt is huge and there is little chance the former flight attendant will be able to return the debt soon. Nevertheless, what he has received so far can save him from jail. The sum that his ex-colleagues donated is huge and makes up one-fourth of the total debt. Right after the event became known to the public, there were people who decided to help the man resolve the issue. Hundreds of various sites posted the news and informed people about the issue. Journalists got in touch with the man’s colleagues and involved them. Thanks to the efforts that many people made he will be able to avoid his time in jail.

Emirates Islamic Bank sued the foreign resident when he didn’t repay the loan by schedule. In some countries, authorities treat debt as a criminal issue and the UAE is one of such regions. In other countries, debts are considered civil matters. If it’s a crime, then the accused individual may face up to 3 years in prison if he cannot return the loan.

Twenty-seven thousand USD can remove the threat of prison time. Nevertheless, the crypto enthusiast will still have to work hard to return the rest of the debt. His deadline is over by the end of 2021. Each month, the man will have to pay over two thousand two hundred USD. Hopefully, interest rates do not change and he will not need to pay even greater money to return the debt. The family of the accused man is thankful to those who tried to help them. They are happy that soon they will be able to look for a new job and resolve the issue in the nearest two years.