Dubai Police Arrest Six Over Dh2.6 Million Crypto Scam

Dubai Police arrested six suspects in connection with a Dh2.6 million cryptocurrency scam involving an unlicensed exchange in Dubai. The case involved about Dh2 million in cash and Dh600,000 in digital assets.

The victim approached the exchange to buy cryptocurrency and came into contact with several people later linked to the alleged fraud. After the transaction, the suspects took the cash and moved the cryptocurrency through several decentralized wallets, according to the investigation.

Dubai Police combined field investigations with technical analysis. Officers collected evidence and identified suspects, while blockchain specialists traced the digital-asset transfers across multiple wallets. Investigators linked several wallets to the stolen cryptocurrency and the people suspected of moving it.

Police traced and secured the funds before they could be transferred again. The arrests followed the identification of the individuals allegedly connected to the scheme.

Authorities warned residents against using unlicensed cryptocurrency exchanges and dealing with unknown brokers. They advised users to check whether a platform is registered with the relevant financial authority before buying digital assets.

Police also cautioned against cash transactions with unverified brokers and offers promising unusually high returns. They urged residents to report suspicious financial activity promptly, saying early reports can help authorities trace funds and restrict further transfers.

Unlicensed platforms may not follow the customer-protection and security requirements imposed on regulated exchanges. Users of such platforms can face fraud, theft of digital assets and difficulty recovering lost funds.