DUBAI // Three men denied kidnapping and assaulting a compatriot in an effort to get him to repay Dh90,000 he had borrowed, a court heard this morning.
The alleged victim, FL,a 45-year-old Indian, told prosecutors that he took money from SJ, 61, in February 2011 and promised to pay it back in the next three months, but could not.
"I managed to repay Dh30,000 only and said I could pay the rest before end of 2011," FL said. He said he was forced to sign blank papers as a guarantee that he would repay the money.
He still did not have the money at the end of 2011, so the defendants lured him to a house in Al Jafiliya where they assaulted him.
He was taken to a room in a labour accommodation in Ras Al Khaimah were he made calls to family members who paid back the rest of the money. When the defendants refused to set him free, his brother informed the Indian Embassy, which reported the kidnapping to UAE authorities.
During the arrest police used live ammunition to control the defendants and apprehend them.
The next hearing will be on September 3.
The specs
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Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.
The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.
Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.
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Date started: 2013
Founder/CEO: Othman Al Mandhari
Based: Muscat, Oman
Sector: Additive manufacturing, 3D printing technologies
Size: 15 full-time employees
Stage: Seed stage and seeking Series A round of financing
Investors: Oman Technology Fund from 2017 to 2019, exited through an agreement with a new investor to secure new funding that it under negotiation right now.
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Thank You for Banking with Us
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Engine: 2.3-litre, turbo four-cylinder
Transmission: 10-speed auto
Power: 300hp
Torque: 420Nm
Price: Dh189,900
On sale: now
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