DUBAI arrested a group of fraudsters operating an elaborate Bitcoin scam which stole worth 10 million dirhams from victims.
The case came to light after around 180 people came to the Al Muraqqabat Police Station to file a complaint about being scammed by suspects.
The group of fraudsters consist of one Pakistani national and six Bangladesh nationals aged between 24 and 46.
The scammers promoted three companies investing in Bitcoin and made fake promises to their victims of doubling their money by investing in a crypto wallet.
The group convinced thousands of people to invest in Bitcoin mining and exchange through social media advertisements such as TikTok.
The gang also distributed a sum of money to their investors to attract more victims and to make the scam seem more legitimate.
Police discovered through court records the suspects were able to defraud 3,000 victims in Bangladesh alone and that most of their victims came from the said country.
All suspects avoided jail sentences but were fined more than Dh321,000 each for illegally obtaining the money.
Authorities are expecting more victims to show up and file cases against the gang of scammers in the coming days.
