Dubai Police arrest gang for defrauding a person with fake online investment scheme

Distracted and overwhelmed by his emotions following the loss of his life's work, S.M. stood before a Dubai Police Cyber Crimes Department officer, tears streaming down his cheeks as he recounted the shock he had never imagined, when his dream of investing his end-of-service gratuity turned into a financial nightmare that wiped out all his savings.

After working continuously for a certain organisation for four decades, S.M. received his gratuity and financial benefits and started thinking about a safe investment that would provide him and his family with a stable income after retirement.

While browsing social media, he came across an advertisement for an investment app promising high returns in a short period.

The ad seemed convincing and attractive, so he decided to try it out with a small initial investment. Within days, he saw imaginary profits multiplying in his virtual account on the app. This gave him false confidence and encouraged him to transfer most of his money for full investment.

But the dream didn't last long. The app suddenly stopped working and its administrators disappeared, cutting off all contact.

It was only then that S.M. realised that he had fallen victim to an elaborate online investment fraud and that all his years of hard work had disappeared in an instant due to his trust in a fake entity that had mastered the art of luring investors online.

Lieutenant Colonel Ali Al Yamahi, Director of Anti-Cybercrime Department at the General Department of Criminal Investigation at Dubai Police, said that competent teams had arrested the gang, who had deceived the victim by offering the prospect of high and rapid profits before seizing his money after transferring it to accounts outside the country.

He confirmed that the arrest followed careful monitoring of the electronic accounts used for the crime, in coordination with the relevant authorities.

He noted that the gang members had exploited advanced digital technologies to lure their victims, but that the vigilance of the security forces had prevented the gang from escaping justice.

Al Yamahi warned community members against dealing with any entities or individuals promoting unlicensed investments or requesting the transfer of funds abroad.

He emphasised that only licensed entities are authorised to provide investment services within the country.

He urged the public to report any suspicious activity immediately via the eCrime platform, the Dubai Police app or by calling 901. He emphasised the importance of verifying the authenticity of any investment offers before taking financial action.