UAE police arrest man in $545,000 bitcoin fraud case

Police authorities have urged citizens to refrain from dealing in activities related to digital currency. (Shutterstock)

DUBAI: UAE police have arrested a Pakistani man who conned an Indian national of $545,000 in a fraudulent bitcoin transaction, Gulf daily Khaleej Times reported.
Police said that the victim had struck a deal with the suspect to buy cryptocurrency by meeting at a mall in Sharjah emirate.
After the two met at a coffee shop, the suspect took the Indian’s bank details and claimed that the bitcoin was already being transferred to the victim’s account.
The suspect then said that his wife needed him for an emergency in the parking lot and left the victim waiting. The conman’s mobile phone has been switched off when the victim tried to reach him again, after which he went to the police to report the incident.
Authorities then zeroed in on the suspect and recovered the money, which was transferred back to the rightful owner.
Police authorities have urged citizens to refrain from dealing in activities related to digital currency, as there is no official regulation yet in place in the UAE covering these transactions.