#🚨 Dubai Police Bust Multi-Million Dirham Trading Scam 🚨
Dubai Police have arrested four individuals behind a sophisticated online trading scam that swindled investors out of millions of dirhams. The suspects lured victims through phone calls and targeted social media ads, promoting fake investment platforms under names such as:
Sigma-One Capital
DuttFx
EVM Prime
UTrade
EVA Markets
Core Financial Markets
These platforms promised quick, high returns but were unlicensed by the UAE’s financial regulators, including the Dubai Financial Services Authority (DFSA) and the Securities and Commodities Authority (SCA) — leaving investors with no legal recourse.
Authorities revealed that funds collected from victims were swiftly transferred overseas, making recovery extremely challenging.
The DFSA has repeatedly warned the public about such scams, noting that many fraudsters impersonate legitimate firms to appear credible.
