Dubai Police Nab Gang Involved in Social Media Trading Scam
Dubai Police have apprehended a gang involved in a fraudulent scheme promoting fake trading and investment opportunities on social media platforms.
The four suspects, whose identities were partially obscured in police photos, were accused of falsely representing reputable trading firms and targeting victims through phone calls and online advertisements.
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The gang lured individuals with promises of high and quick profits, convincing them to transfer funds that were subsequently deposited into bank accounts outside the UAE.
Their arrest followed numerous complaints from victims who had been deceived.
A recent investigation revealed a broader online trading syndicate operating in the UAE, using fraudulent call centers and fake platforms to siphon investor funds.
The gang is linked to several dubious trading platforms, including Sigma-One Capital and DuttFx, which have reportedly left hundreds of investors in financial distress.
Dubai Police emphasized the importance of vigilance, urging the public to avoid engaging with unlicensed investment opportunities.
Residents are encouraged to report any suspicious activities through the Dubai Police’s eCrime platform or their mobile app.
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Khaleej Times
