Dubai Police Crack Down on Online Trading Scam

Four individuals have been arrested for operating a sophisticated online trading scam that defrauded investors of millions of dirhams. The scammers used phone calls and targeted social media ads to lure victims into fake investment platforms, including:

-🩸 Sigma-One Capital

-🩸 DuttFx

-🩸 EVM Prime

- 🩸UTrade

- 🩸EVA Markets

- 🩸Core Financial Markets

These unlicensed platforms promised unusually high returns, leaving investors vulnerable and without legal recourse.

Authorities Warn of Recovery Challenges

Funds collected from victims were quickly transferred overseas, making recovery extremely difficult. The Dubai Financial Services Authority (DFSA) has repeatedly cautioned the public about such scams, highlighting that fraudsters often impersonate legitimate firms to appear credible.