There have been so many accusations and counter-accusations on the subject matter of fraud so many players have come out with evidence of scams against some sites while the operator of those sites come up with counter-accusations that players violated their T&C.
I think it will be proper if an online accredited court is set up to judge such cases, rather than leaving them uncensored.
Where does the funding come from?
Who will be the enforcer?
There are simply way too many legal and logistical overheads for this idea to work, imho. The best that we can do in this direction is really industry self-regulation, which is probably not necessarily the best thing.