Picture for illustrative purposes only.


$1 billion Bitcoin fraud: Dubai sentences 7 for defrauding 180 people

A Dubai court found seven people guilty of defrauding 180 people of a total of $1 billion in Bitcoin trading, and sentenced them to jail and a total of Dh460,000 in fines.

The Dubai Misdemeanour Court on Tuesday (June 6) sentenced two gangsters, and five others in absentia, to a fine of Dh10,000 each for fraud, and Dh10,000 each for practicing a financial activity without a licence. They were also jointly fined Dh320,000.

The case dates back to 2022 when five victims reported that they have been defrauded by the Asian gang promoting Bitcoin trading. One of the victims said he was lured by an advertisement on social media. Another victim said he deposited Dh76,000 in the company, but that when he visited its office, it was closed.

The Economic Crimes Department found video clips from the group that lured victims into buying digital money and investing in the companies owned by the gang. As many as 180 people reported that they were defrauded by the Asian gang through three companies, and lost millions.

Police arrested two of the gang members on the border of a neighbouring country as they were trying to escape from the UAE. Police seized Dh10 million in their possession, and more than a billion dollars. ICA/Expat Media

For all the latest news from the UAE and the world, follow us on Facebook, Twitter and Instagram and subscribe to our YouTube page


ADVERTISE HERE Find or post new jobs, motor ads and classifieds

Explore Expat Media