Dubai: Gang of 11 charged with stealing AED 7 million in Bitcoin fraud

A gang of 11 Arab, Gulf, and Asian nationals has been charged by Dubai’s criminal court for stealing seven million dirhams from two Asian brothers after convincing them  with a deal of digital currencies (Bitcoins).

Investigations of the crime, which took place last April, indicate that the defendants agreed with the victims through one of the brokers to sell them 200 digital currencies for 7 million dirhams, as they agreed with them to complete the deal in an office inside a building in Dubai, where the crime of theft occurred after they were threatened.

According to one of the victims in the Public Prosecution’s investigation, he and his brother went to the agreed-upon location to do the transaction, holding the amount of money, only to be surprised with fraud and theft.