Gang steals $1.9m in Dubai Bitcoin scam

Artificial intelligence integrated in Dubai Police's most recent security systems helped solve the case
Gang steals $1.9m in Dubai Bitcoin scam
By Staff writer
Sun 29 Apr 2018 10:09 AM

An Asian gang which stole AED7m ($1.9m) in an armed robbery related to a Bitcoin scam has been arrested by Dubai Police.

The gang, led by a Gulf national, assaulted and robbed two Asian brothers at gun point on April 25 after luring them into a trading office, which they had seized from the owner, with the aim of selling them Bitcoin for the agreed amount.

Authorities said they had identified the Gulf gang leader just four hours after the incident, which helped them arrest the 10 members in as fast as 48 hours, despite initial lack of evidence.

The money was then returned to the brothers.

Dubai Police chief Abdullah Al Marri urged traders to follow the right legal procedures when trading in order to avoid being targeted by gangs.

Major general Khalil Al Mansoori praised the team’s fast response time and gave thanks to Abu Dhabi, Sharjah and Ajman Police for their cooperation in solving the case.

He said artificial intelligence integrated in Dubai Police’s most recent security systems helped solve the case.

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.