In the United Arab Emirates, the first of its kind case of fraud involving Bitcoins was discovered.
Sharjah police managed to return 2.2 million dirhams to an Indian citizen who fell victim to fraud related to Bitcoin transactions banned in the UAE.
Lieutenant Colonel Mohammed Hassan Al Shamsi, deputy head of the Criminal Investigation Department of the police of the emirate of Sharjah, said that one of the accused was arrested by the Criminal Investigation Department, a citizen of Pakistan, who, along with his accomplice outside the UAE, deceived the victim, assuring him that that he transferred cryptocurrency after a citizen from India sent them funds from his bank account.
"We learned that the victim had previously dealt with bitcoins and earned a lot of money from this, which is what prompted him to make another deal," added the lieutenant colonel.
It all started after a citizen of India found on the Internet information that a group of defendants is involved in bitcoin trading. He agreed with them on the purchase of currency and transferred them the necessary amount.
The victim and one of the swindlers agreed to meet at a cafe in a shopping center in Sharjah. Over a cup of coffee, the accused said that the transfer of money was delayed due to network problems, and that he would make the transfer after some time. Apologizing, he said he had to leave to help his wife, who was waiting for him in the parking lot. The victim was expecting a fraudster in a cafe. When he called the swindler, he realized that he had turned off the phone.
The victim turned to the police, after which an investigation began. The police managed to locate the suspect and detain him. They ransacked his home and confiscated the money and money transfers appropriated from the victim and sent to the accomplice.
During interrogation, the arrested man admitted that the organizer of the crime was his accomplice, who is abroad. The suspect said that he was forced to commit a crime due to financial problems. The fraudster was detained and transferred to the prosecutor's office for further investigation.
Lt. Col. Shamsi urged citizens to refrain from trading cryptocurrency, due to the fact that it is banned in the UAE.
The head of the Police Research Department, Colonel Ibrahim Al Agil, said that this kind of activity is prohibited in every emirate.
