30 C
Dubai
Saturday, November 23, 2024
spot_img

“Dubai Police Dismantle $36-Million Scam, Apprehend 43 Suspects, and Disrupt Global Cybercriminal Network”

Cybercriminal Network Operation Monopoly Exposes Intricate Web

Dubai Police have successfully dismantled an international cybercriminal network involved in duping businesses across various countries. Operating under the codename ‘Monopoly,’ the operation resulted in the arrest of 43 suspects, with the identification of the gang leader and 20 accomplices located outside the UAE. An international arrest warrant has been issued for the identified individuals.

Targeting Businesses Through Email Intrusion

The cybercriminals targeted businesses by hacking into the emails of company CEOs. They then sent fraudulent emails to branch managers, deceiving them into transferring substantial sums of money.

Two-Phase Operation Unravels $36-Million Scheme: Cybercriminal Network

The operation, spanning two phases, unveiled the movement of an estimated $36 million. The suspects attempted to conceal their activities by transferring funds across multiple accounts before eventually depositing the money into the cash vaults of money holding and transport companies.

Initiation Triggered by Legal Complaint

Operation Monopoly was initiated in response to a complaint filed by a lawyer representing a company in an Asian country. The lawyer reported that the cybercriminals had compromised the email account of the company’s CEO, posing as the executive and instructing the accounts manager to transfer approximately $19 million to a bank account in Dubai.

International Collaboration and Arrests: Cybercriminal Network

Dubai Police collaborated with security agencies in France, Hong Kong, and Singapore to execute the comprehensive operation against the cybercriminal syndicate. The police meticulously traced the money trail, enticing the suspects to the UAE and subsequently arresting them. Luxury cars and valuable artworks were seized during the operation.

Sophisticated Targeting of Executives and Affluent Individuals

The cybercriminals, adept at identifying potential victims through thorough electronic surveillance, primarily targeted corporate executives, business professionals, and affluent individuals.

Also Read

MapIT.ai: Pioneering IoT and AI Solutions to Reshape Industries

Abu Dhabi Unveils Digital Platform to Transform Climate Intentions into Action

Related Articles

UAE Operation ‘Chivalrous Knight 3’: Over 121 Aid Shipments Delivered to Gaza Amid Humanitarian Efforts

UAE has reinforced its dedication to humanitarian relief through the ongoing effort known as Operation ‘Chivalrous Knight 3.’   This initiative has seen the UAE dispatch...

Gusteau Foods Transforming the Food Industry with Passion and Innovation

In a world where the demand for convenience and quality often seem at odds, Gusteau Foods Pvt Ltd, led by the visionary entrepreneur Karthick...

With an eye towards its IPO on Nasdaq and Euronext, AAD Invest Group finalizes a EUR 75 million funding agreement with Global Emerging Markets...

AAD Invest Group finalizes a EUR 75 million funding agreement with Global Emerging Markets (GEM) About AAD Invest Group – Nov 2024 Founded in January 2024...

UAE Strengthens Global Ties: President Welcomes Qatari Prime Minister, While Crown Prince Leads at G20 in Brazil

UAE is making significant strides in strengthening its international relations, with recent diplomatic activities highlighting the country's growing influence on the global stage. In a...

Abu Dhabi Crown Prince Leads Strategic Talks at G20: Strengthening UAE-Brazil Relations for a Prosperous Future

Abu Dhabi’s Crown Prince, H.H. Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, is currently in Brazil to participate in the G20 Summit, a...

Latest Articles