Six arrested in Dubai over Dh2.6 million crypto fraud

Dubai Police said six suspects were arrested over a cryptocurrency fraud in which the victim lost Dh2 million in cash and Dh600,000 worth of digital currency. The victim had approached an unlicensed exchange to buy cryptocurrency and met several members of the group, who allegedly took the cash after he moved his digital assets into wallets they controlled.

Investigators from the General Department of Criminal Investigation ran field operations alongside blockchain analysis to trace the stolen assets. Police said all six suspects were arrested quickly and the virtual assets were secured before they could be moved to other wallets.

Dubai Police urged residents to deal only with licensed providers, check their legal status before any transaction, and be wary of offers promising unusually high returns in a short time.