Beware of Unlicensed Trading Platforms: Dubai Police Arrest Four Online Investment Fraudsters

On July 20, Dubai Police announced the arrest of four members of a cybercrime group who were suspected of using social media platforms to promote fake trading and investment schemes.

According to Dubai Police, the fraudsters promised to contact potential victims via phone calls, posing as well-known investment trading platforms to gain their trust, while promising quick and high profits. The fraudsters kept urging victims to transfer money and quickly moved the funds outside the UAE once they were acquired.

Dubai Police received reports from several victims and quickly arrested the suspects after identifying them. Along with the arrest of the four, the police also seized bank cards, cell phones, and documents.

_{Photo by Dubai police}

Dubai Police reminded the public to remain vigilant and avoid dealing with entities and individuals promoting unlicensed investment opportunities or requesting to open bank accounts and transfer money. Authorities emphasized that only authorized and licensed institutions are allowed to provide investment services in Dubai.

BrokersView reminds you

To convince unsuspecting victims, many investment fraudsters offer trading services in the name of a well-known financial services company, but have no connection with the genuine company and are not authorized.

To avoid dealing with imposters, it is recommended that you double-check a broker's regulatory information through BrokersView before investing.