Dubai Cracks Down on Fraudulent Trading Schemes, 4 Arrested in Major Scam
Dubai's police have apprehended four individuals for their involvement in running deceptive online trading platforms. These platforms lured victims with promises of quick and high returns on investments, operating under various names like Sigma-One Capital, DuttFx, EVM Prime, UTrade, and EVA Markets.
The scam was designed to deceive people through aggressive phone calls and social media advertisements. After investors transferred funds, the money was funneled to accounts outside of the UAE, leaving them with no way to recover their losses.
⚠️ Important Reminder: All the platforms involved were unlicensed and unauthorized by the UAE's financial regulators, the DFSA and SCA.
Pro Tip: Always double-check if the platform you're using is properly regulated before making any financial commitments.