UAE cracks down on gang peddling counterfeit currency via social media

Abu Dhabi: The UAE Public Prosecution in Abu Dhabi has launched investigation against a gang of suspects involved in a counterfeit currency scam that has been preying on individuals through social media platforms.

The group of fraudsters has been allegedly enticing victims with offers of currency exchange at discounted rates, sometimes as high as 50 per cent off the real currency value.

The scam operation was rather intricate, with the suspects utilising social media to broadcast the availability of supposedly “frozen” or “suspended” currencies at significant discounts. Unsuspecting victims were then lured into communication with the fraudsters who would set up a meeting point for the exchange.

According to the investigation, collaborators from the criminal gang would meet the victims at the specified location, where they would hand over the fake notes, receiving authentic UAE dirhams in return before making a quick getaway. The victims would later realise that they had been swindled, left holding nothing but worthless paper.

The Public Prosecution has now initiated comprehensive investigations into this matter and is working to bring all involved individuals to justice.

Meanwhile, the Public Prosecution urged the public to exercise caution and to only engage in currency exchange transactions with licensed authorities. They strongly urged citizens not to fall prey to deceitful promotions on social media platforms, which often target individuals seeking to make a quick fortune.