🚨 Dubai Police Arrest 4 in Multi-Million Dirham Trading Scam 🚨

Dubai Police have arrested four individuals involved in a sophisticated online trading scam that defrauded numerous investors by promoting fake investment platforms through phone calls and social media advertisements . The suspects operated under names such as Sigma-One Capital, DuttFx, EVM Prime, UTrade, EVA Markets, and Core Financial Markets, enticing victims with promises of high and quick profits.

These fraudulent entities were not licensed by UAE regulators like the Dubai Financial Services Authority (DFSA) or the Securities and Commodities Authority (SCA), leaving investors without legal protection [3] . Funds collected from victims were transferred to accounts outside the UAE, making recovery difficult .

The DFSA has issued warnings about such scams, highlighting cases where fraudsters impersonated legitimate firms to deceive investors . Authorities urge the public to verify the regulatory status of any trading platform before investing and to report suspicious activities through official channels like the eCrime platform or by contacting Dubai Police at 901 .