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.