Dubai Police dismantle worldwide cybercrime network, arrest 43 people over $36-million scam
Additionally, 20 of the gang leader’s collaborators who are not from the United Arab Emirates have been identified by the authorities.
The Dubai Police’s ‘Operation Monopoly’ came to light when a lawyer representing a company in Asia reported the fraudulent transfer of approximately $19 million through e-crime.ae
An “international syndicate” of cybercriminals that targeted companies across multiple nations has been arrested by the Dubai Police. The group sent emails to branch managers posing as firm CEOs in an attempt to trick them into sending money.
The “Monopoly” operation resulted in the arrest of 43 people. The police have also located the head of the gang and twenty of his associates who are not from the United Arab Emirates. A worldwide arrest warrant has been issued for their arrest.
The two-phase transfers by the gang totaling an estimated $36 million were tracked down by the police security operation. The suspects moved the money across accounts before taking it out through middlemen in an attempt to hide their tracks. The funds were subsequently placed in the cash vaults of financial institutions and transportation firms.
When a lawyer for a business in an Asian nation filed a complaint via the force’s anti-cybercrime website, e-crime.ae, the police began Operation Monopoly. The attorney lodged a complaint alleging that the group had breached the CEO’s email account, took on his identity, and directed the accounts manager to move approximately $19 million to a bank account located in Dubai.
According to police investigations, the person who opened the account in 2018 was the one to whom the money was transferred. He was out of the UAE now. The group transferred the money through a number of accounts before hiding it using money-transfer and holding organizations.
The authorities discovered throughout their investigation that the gang had stolen $17 million by breaking into the computer communications of a different business located outside of the United Arab Emirates.
Followed the money trail, the police enticed the suspects to the United Arab Emirates. When the police arrested them, they confiscated pricey artwork and fancy cars.
The hackers studied the computer activity of possible victims, according to the authorities. Their main targets were wealthy people, business owners, and corporate executives.
To execute the operation, the Dubai Police worked with security services in France, Hong Kong, and Singapore.