The law enforcement agencies of the UAE are known for their strict stance on maintaining order. The UAE is a place where people from all around the world come to conduct business and earn a living. Therefore, it also attracts a lot of scammers and financial criminals who are looking to find vulnerable victims and get away with their investments.
The government and law enforcement agencies in Abu Dhabi need to give their best efforts to ensure that nothing goes wrong. It seems that the interests of people present in the country are protected since the Abu Dhabi Criminal Court recently passed legal judgment on a big gang of crypto scammers. The criminals were found to have 18 million AED earned by illicit means.
Crypto Scammers Lured the Locals to Invest in a Shell Company
A Shell company, by definition, is a bogus enterprise that has halted the operation for many years, but the scammers use its name to lure in victims. The recently apprehended group of crypto scammers in Abu Dhabi also invited their victims to invest in such a company that has been dormant for many years. This financial scam was an intricate scheme that was run with the help of 9 individuals and six companies.
The social engineer of the scam or the mastermind used to approach the locals from outside of Abu Dhabi. He posed as a financial investor and acted like he was working with several foreign investment companies. He told his victims that he specializes in digital asset trading and also offered them unrealistically high returns.
The scammers convinced their victims to send their money into the local bank accounts of the region to gain their trust. Once the money was sent to any local bank, scam organizations connected to the scheme would move the funds from one place to another. In the end, a huge sum of money was sent to a foreign bank account to cut off the trail of any investigation and get away with the crimes.
The Criminal Court of Abu Dhabi has found all the defendants to be guilty of money laundering and running a financial scam. For each criminal involved in the case, the court has fined them 10 million AED, while every scam organization is liable to pay 50 million AED in punitive fees. Furthermore, all the assets and funds are absorbed by the government. The foreign criminals will be deported after they have served their sentence.