Cyber fraud crackdown: Dubai Police dismantle gang running fake trading schemes

Dubai Police have arrested a cybercrime gang that specialized in online fraud by promoting fake trading and investment schemes on social media platforms. The arrests were carried out by the Anti-Fraud Centre within the General Department of Criminal Investigation, following extensive monitoring and investigation.

The operation, disclosed by the force as part of the national awareness campaign #BeAwareofFraud, was initiated after multiple reports emerged from victims who had been contacted by the gang through phone calls. The suspects falsely claimed to represent reputable electronic investment and trading platforms, using this cover to gain the trust of their targets.

The gang persuaded victims that they could earn high and quick profits, which led them to transfer funds that were then funneled into bank accounts outside the UAE. The identities and locations of the suspects were thoroughly identified, resulting in their swift arrest. Legal actions have been taken to refer them to the appropriate judicial authorities.

Dubai Police have issued a warning to the public to stay vigilant and refrain from interacting with individuals or entities that promote unlicensed investment opportunities or request the opening of bank accounts and fund transfers. The police emphasized that only authorized and licensed institutions are allowed to provide investment services in the country.

Dubai Police urged community members to report any suspicious activity using the eCrime platform, the Dubai Police app, or by calling 901. They highlighted the importance of verifying the legitimacy of any investment offers before taking any financial decisions.