Dubai Police have arrested six suspects over an alleged Dh2.6 million cryptocurrency fraud involving an unlicensed exchange. The victim reportedly lost Dh2 million in cash and Dh600k in digital assets during a proposed transaction. Police traced and secured the virtual assets and warned residents to use authorised trading providers. When someone wants you to move a large sum through an unlicensed intermediary, that is a warning sign.

The details

Dubai Police announced on 30 October that six people had been arrested in connection with an alleged cryptocurrency fraud involving Dh2.6 million.

According to the police, the victim had attempted to buy cryptocurrency through an unlicensed exchange.

The transaction reportedly involved Dh2 million in cash and Dh600,000 in virtual assets.

Police said the suspects took the cash and fled, while the digital assets were transferred through decentralised wallets.

Investigators from the Criminal Investigation Department identified and arrested the suspects.

A specialist technical team followed the digital transactions and secured the stolen virtual assets before they could be moved elsewhere.

The police did not identify the suspects or confirm that all the cash had been recovered.

The case highlights a risk for people conducting substantial cryptocurrency transactions outside regulated channels.

Dubai Police urged the public to check whether virtual asset providers are legally authorised before making payments or transferring digital assets.

They also cautioned against dealing with individuals or organisations promising unusually high returns within short periods.

For residents considering virtual asset purchases, verifying the provider's regulatory status is an important first step before transferring money or cryptocurrency.