Dubai Police arrest 6 people in AED 2.6 million virtual assets scheme

Dubai Police have arrested a six-member ring that deceived a victim into paying AED 2.6 million through a fraudulent digital currency trading deal via an unlicensed exchange.

The stolen funds consisted of AED 2 million in cash and AED 600,000 in cryptocurrencies.

The incident occurred when the victim tried to buy cryptocurrencies with a large amount of cash and turned to an unlicensed currency exchange to complete the transaction, where he met several members of the ring and proceeded with the deal. 

Dubai Police explained that the victim transferred his virtual assets into decentralised digital wallets designed to mask the identities of their owners.

The suspects seized the cash and fled the scene once the transfer went through. 

Following the victim's report, specialised teams investigated along two parallel tracks: one focused on arresting the suspects, and the other on mapping the stolen virtual assets before they were transferred to other wallets or disposed of. 

Authorities arrested the suspects in record time and secured the stolen virtual assets. 

Dubai Police strongly warned the community against engaging with unlicensed individuals or entities offering digital currency trading services, particularly those promoting unrealistic promises of swift, massive financial returns.

They also stressed avoiding cash-based cryptocurrency deals with unverified brokers or unlicensed exchanges, urging compliance with officially recognised entities to prevent fraud and theft.

They added that the community is welcome to report suspicious activities through official channels with the assurance that all reports are handled confidentially. 

#News | Dubai Police Arrest Six-Member "Virtual Assets" Fraud Ring in AED 2.6 Million Scheme

Details: https://t.co/4rRoPrDVfa#Cybersecurity#CyberFraud pic.twitter.com/33pV3Xgnqd

— Dubai Policeشرطة دبي (@DubaiPoliceHQ) October 30, 2026