Dubai: Six suspects arrested after crypto scam worth more than 600,000 euros

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According to information provided by the police, the victim was looking to buy cryptocurrencies with a large sum of cash. She contacted an unlicensed exchange service, then met several people whom investigators say were members of the group.

During the operation, the victim also transferred digital assets to designated wallets. The suspects then allegedly took the cash and fled. Public information does not detail the arrangement in sufficient detail to explain why the transaction combined a cash purchase and a transfer of cryptocurrencies.

After the report, authorities launched two parallel investigations. A first team collected evidence and searched for suspects. A second tracked the movements of digital assets between multiple wallets.

The police say they identified and arrested the six people quickly, without providing a specific time frame. It also claims to have secured the cryptocurrencies before their further dispersion. The press releases reported by the press do not specify either the assets concerned or the method used to immobilize them.

Following this case, police are warning against transactions with unknown intermediaries or unlicensed services. In particular, it calls for caution regarding promises of high returns and cash transactions organized with unverified interlocutors.

This alert occurs in a context of operator monitoring. On October 7, 2025, Dubai's Virtual Assets Regulatory Authority, VARA, announced sanctions against 19 companies for unlicensed activities and violations of commercial communication rules. The measures included orders to cease activity and fines ranging from 100,000 to 600,000 dirhams. No link with the six suspects in this new case has been established.

VARA regulates virtual asset services in the emirate, with the exception of the Dubai International Financial Center, which falls under a separate regime. Its public register makes it possible to verify the status of a company and the authorized activities.

Approval in principle is not enough: companies that benefit from it cannot yet serve customers until they have obtained their full license.

In this case, the authorities are therefore announcing arrests and securing the digital aspect of the damage. The recovery of the two million dirhams in cash remains unspecified. The case highlights the importance of verifying the identity and authorizations of the service provider before remitting funds.

With a background in literature and languages, I like to combine rigorous analysis with a taste for ideas to decipher the major economic and (geo)political issues linked to cryptocurrencies. Since 2021, I have been writing for Journal du Coin where I focus on subjects such as , MNBC, the tokenization of RWA and more broadly the strategic mutations of Web3. A passionate reader, curious about the world and the power relationships that structure it, I strive to make these themes accessible to all, with particular attention to projects designed for the general public.

Machine-translated from French