Dubai Police detain six suspects in the theft of AED 2.6 million through a cryptocurrency scheme

Arrest and course of the investigation

Dubai Police detained six members of a groupaccused of stealing AED 2.6 million (about $707,964) in a cryptocurrency deal through an unlicensed exchange. According to police, the victim wanted to buy cryptocurrency with a large sum of cash and turned to an unregistered exchanger; the suspects took AED 2 million in cash and AED 600,000 in virtual assets, then fled. The arrest was carried out by officers of the criminal investigation department, while a second team handled the technical analysis of transactions and tracked the funds as they moved between digital wallets. Police noted that the suspects had counted on decentralized wallets, which do not reveal the owners' identities, and on the rapid movement of cryptocurrency to hinder the search. Nevertheless, according to police, the arrest was carried out quickly, and specialists managed to trace and secure all the stolen virtual assets before they were transferred to other wallets. Details about the suspects have not been disclosed.

Warning and previous cases

Police urged residents not to deal with unlicensed individuals and entities offering cryptocurrency services, especially those promising large profits in a short time, and to verify the legality of virtual asset trading service providers before conducting transactions. The case echoes a similar precedent: in 2023, a group consisting of a Pakistani citizen and six Bangladeshi citizenswas fined for a AED 10 million bitcoin scam that affected more than 180 people across the country — the participants promoted investments and mining on social media, promising high returns without the required license. Each of them was fined more than AED 321,000, plus AED 20,000 each for dealing in virtual assets without a license, The National reports, citing a ruling by the Dubai Criminal Court.