Add as a preferred source on GoogleDubai Police Arrest Six in Alleged AED 2.6 Million Crypto Scheme
Police described the alleged scheme as involving 2 million dirhams in cash and 600,000 dirhams in cryptocurrency.
Dubai Police announced Friday, Oct. 30, that six suspects were arrested in an alleged cryptocurrency scheme involving 2.6 million United Arab Emirates dirhams (AED). The force described the amount as AED 2 million in cash and AED 600,000 in cryptocurrency.
In the police account, the victim approached an unlicensed currency exchange to buy cryptocurrency, then transferred virtual assets to decentralized wallets. The suspects fled with the cash, police said.
Investigators used fieldwork to identify and arrest suspects and technical analysis to trace asset movements between wallets. Dubai Police said specialists secured stolen virtual assets before they could be transferred elsewhere or disposed of. The force did not report recovering cash.
Police did not identify the exchange or the suspects.
Riza Dagoc
Riza Dagoc reports on regulation, investing and the digital-asset business for TokenPost. Send corrections or tips to info@tokenpost.com.