UAE urges public to exchange currencies through licensed authorities

The Federal Capital Public Prosecution has initiated an investigation into a group of suspects who defraud individuals by promoting counterfeit currencies on social media platforms, under the cover that they are genuine currencies with discounts of up to 50 percent off the actual currency value.

Investigations have revealed that the suspects advertise the availability of frozen or suspended currencies on social media, offering them to interested parties at discounts of up to 50 percent off the original price and when the victim contacts them, they provide a location for exchange and delivery.

The collaborators within the internal criminal organisation attend the meeting, hand over the counterfeit currencies to the victim, and receive genuine Emirati Dirhams in return. They then flee the scene, leaving the victim to discover that they have been the victim of fraud, and their money has been replaced with fake bills.

The UAE Public Prosecution urges the public to obtain and exchange currencies through licensed authorities and not to believe or trust what some individuals promote falsely on social media platforms, particularly those targeting individuals seeking quick wealth.

WAM