Dubai Gang Found Guilty in Multi-Million Bitcoin Fraud

A gang who operated a bitcoin fraud in Dubai worth AED 10 million have been penalized with over AED 321,000 each.

Dubai Criminal Court convicted one Pakistani and six Bangladeshis in the multi-million Bitcoin scam, in which they shared videos on TikTok regarding mining and investing in cryptocurrency in order to lure people.

Comprising of 24 to 46 years old individuals, the gang scammed nearly 180 people in United Arab Emirates (UAE). The victims filed a complaint at Al Muraqqabat Police Station in December last year.

The court also fined them AED 20,000 for engaging in virtual assets trade without getting a mandatory license from the relevant authorities. The court was told that the gang scammed AED 321,000 out of five people after promising to double it.

Moreover, two of the convicts acted in TikTok videos urging people to invest in Bitcoin trade and mining. According to a police officer, convicts promised the victims of daily and monthly profits. Interestingly, the group provided the victims with some profits to make the scam appear more legitimate, he added.

The authorities arrested two of the gang members near the UAE-Oman border while they were trying to exit the country.

The Anti-Economic Crime Department’s report, attached with the court documents, revealed that the group had cheated 3,000 people in Bangladesh.

Published by
Salman Ahmed