Dubai Police Arrest Six in Alleged AED 2.6 Million Crypto Scheme

Dubai Police announced Friday, Oct. 30, that six suspects were arrested in an alleged cryptocurrency scheme involving 2.6 million United Arab Emirates dirhams (AED). The force described the amount as AED 2 million in cash and AED 600,000 in cryptocurrency. In the police account, the victim approached an unlicensed currency exchange to buy cryptocurrency, then transferred virtual assets to decentralized wallets. The suspects fled with the cash, police said. Investigators used fieldwork to identify and arrest suspects and technical analysis to trace asset movements between wallets.