Abu Dhabi prosecutors warn of Dh1m fine for wire fraud

ABU DHABI: The Abu Dhabi Public Prosecution has warned residents of the dangers of wire transfer fraud amid reports of fraudulent activity on social networks.

Authorities also warned that wire fraud was punishable by imprisonment and a fine of up to Dh1 million.

According to the authorities, some people have recently been lured into joining schemes with false promises of quick profits, attractive returns and high returns. The Public Prosecution therefore urges Internet and social media users to be vigilant and avoid dealing with unauthorized or unscrupulous groups who use misleading advertising and marketing techniques to deceive victims.

Residents must ensure that any institution or individual they deal with has the required licenses for financial activities.

Wire fraud is a punishable crime under the law and anyone found using fraudulent means, using a false name or using a wrong name to illegally misappropriate movable property, interests, documents or signatures will be punished with imprisonment and a fine of between AED 250,000 and AED 1,000,000 fine. Competence on information networks, electronic information systems, or any computer means.

Residents must report any suspicious activity to the appropriate authorities to help fight wire fraud and protect the community from financial loss, the public prosecutor urged.