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Abstract：Dubai Police have arrested four individuals involved in defrauding many investors via fake online trading schemes that promised high and quick returns. Check out the arrests, international connections, and more in this story.
In a major crackdown, Dubai Police have arrested four individuals involved in defrauding many investors via fake online trading schemes. Dubai Police announced that the four suspects, who claimed to be from reputable investment and trading brands, reached investors through social media advertisements and phone calls. These brands include DuttFx, Sigma-One Capital, Core Financial Markets, EVA Markets, and EVM Prime. According to a local daily, Khaleej Times, these platforms promised high and quick returns to investors.
Investors were told to transfer funds, which further went to accounts outside the UAE or the United Arab Emirates. Interestingly, Khaleej Times, a month ago, reported on Sigma-one Capitals disappearance with millions of dirhams belonging to the local investors. Police complaints were filed, and officers went searching but could not find the office claimed by Sigma-One Capital in Musalla Tower. Police officials also found that the company did not have a legal authorization from any of the UAE regulators - SCA or DFSA, raising concerns for investors.
Authorities have pushed beyond the UAE to nab forex scam perpetrators. They have arrested an Israel-based businessman at Casablanca airport in Morocco after coming from a family holiday in Dubai in connection with a forex fraud scheme. German authorities requested an Interpol warrant against the concerned person, resulting in his arrest.
The authorities claimed that the businessman had rented large office spaces in central Israel and various cities in Eastern Europe around three years before. Dozens of employees there allegedly claimed to be from legitimate investment firms and targeted German citizens seeking to invest in forex markets.
Lahav 433, an Israeli police unit, investigated the businessman and constantly procured court orders seeking the detention of assets worth tens of millions of shekels. These included a villa in Herzliya, valued at approximately 25 million shekels or $7.5 million. However, investigators could not gather sufficient proof to register formal charges.
In another case, the Spain-based authorities busted a €460 million crypto fund network, duping more than 5,000 investors globally. The authorities also arrested five individuals associated with the investment scam.
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The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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