Dubai Police have taken down a high-stakes online trading racket that swindled unsuspecting investors out of millions of dirhams through fake investment platforms and aggressive marketing.
The four arrested suspects ran a slick operation under names like Sigma-One Capital, DuttFx, EVM Prime, UTrade, EVA Markets, and Core Financial Markets. Their pitch? โFast, guaranteed profitsโ โ delivered via cold calls and polished social media ads.
๐ก The Catch:
None of these platforms were licensed by UAE watchdogs such as the Dubai Financial Services Authority (DFSA) or the Securities and Commodities Authority (SCA) โ meaning victims had zero legal protection.
๐ธ Money Trail:
Funds from the scam were swiftly moved to overseas bank accounts, making recovery nearly impossible.
๐ข DFSA Warning:
Regulators have repeatedly cautioned about fraudsters impersonating legitimate firms to win investor trust.
โ Safety First:
Authorities urge residents to:
Verify a platformโs license before sending any funds.
Report suspicious activity via the eCrime platform or Dubai Police hotline 901.
โ ๏ธ Final Word: If it sounds too good to be true in trading, itโs probably a trap. Stay alert, verify, and protect your money.
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