UAE jails gang using fake money to exchange with dirhams

Picture for illustrative purposes only.

PHOTO BY ARCHIVE

UAE jails gang using fake money to exchange with dirhams

A gang using fake money to exchange with genuine dirhams has been jailed in the UAE for defrauding residents on social media.

An investigation by the Federal Public Prosecution revealed that the gang members lured their victims with up to 50 percent discount on currency exchanges, but were actually using fake money.

“The suspects advertise the availability of frozen or suspended currencies on social media, offering them to interested parties at discounts of up to 50 percent off the original price and when the victim contacts them, they provide a location for exchange and delivery,” according to the UAE Public Prosecution.

The gang members then “hand over the counterfeit currencies to the victim, and receive genuine Emirati dirhams in return. They then flee the scene, leaving the victim to discover that they have been the victim of fraud, and their money has been replaced with fake bills,” the Public Prosecution added.

UAE authorities have repeatedly warned the public to only deal with licensed money exchange centers or financial institutions, and to be wary of advertisements on social media. 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

Share