Dubai Court Penalizes the Biggest Bitcoin Gang Operating in Dubai with AED 321,000 each, which means PKR 25,072,318.84.
A major gang operating from Dubai comprising one Pakistani and six Bangladeshis was involved in a multi-million-dollar scam. They used to share TikTok videos, promising users millions of dollars through mining and Bitcoin investments. The Dubai court apprehended them and imposed punishments.
It has been revealed that the seven individuals involved in the scam, ranging in age from 27 to 47, had already defrauded 180 people in the United Arab Emirates. The victims had filed complaints at Al Muraqqabat Police Station in December of last year.
The court imposed a separate fine of 20,000 AED on them for engaging in unauthorized cryptocurrency trading without obtaining government licenses. It was revealed in court that the gang had scammed 321,000 AED from five individuals by promising to double their money.
According to the police, based on their TikTok videos, these individuals were persuading people to give them money, promising to either double it or provide monthly profits. They employed a trick where they initially gave some people profits to avoid suspicion about their scam.
It has been reported that these individuals were apprehended at the border of Oman while attempting to flee to another country. Their attempt to escape was foiled, and they were apprehended on time.
According to the attached court documents, the report from the Anti-Economic Crime Department unveiled that the group had defrauded 3,000 individuals in Bangladesh.