🚨🔥Attention traders

Dubai Police arrested 4 people involved in an online trading fraud scheme of "High and Fast Profits".

The arrested individuals allegedly targeted victims through phone calls and advertisements on social media. They reportedly encouraged victims to transfer funds and subsequently funnel them to accounts outside the United Arab Emirates.

Dubai Police arrested four individuals who were part of a syndicate that allegedly defrauded hundreds of people through fraudulent online trading schemes.

Dubai's Crackdown on Trading Frauds

According to an announcement from Dubai Police, the four suspects claimed to represent reputable trading and investment brands, targeting victims through phone calls and advertisements on social media.

The syndicate operated several fraudulent trading brands, including Sigma-One Capital, DuttFx, EVM Prime, UTrade, EVA Markets, and Core Financial Markets, as reported by the Khaleej Times. These platforms promised high and fast returns.

The alleged criminals persuaded victims to transfer funds, which were then moved to accounts outside the United Arab Emirates.

Interestingly, the Khaleej Times revealed a few months ago that Sigma-One Capital had disappeared with millions of dirhams belonging to investors from the Emirates. This broker operated from the same office as Gulf First Commercial Brokers, which has since been vacated.

Gulf First and Sigma-One were managed from the same office, and employees allegedly used the names interchangeably. Sigma-One Capital claimed to be based in Saint Lucia and listed an address in Dubai at Musalla Tower.

However, investigations reportedly found no evidence that the company ever operated at that address. It was also not authorized by UAE regulators, such as the DFSA or the SCA, leaving investors without any legal protection.#BinanceAlphaAlert #scamriskwarning #scam