UAE Imprison Gang for Counterfeiting Currency on Social Media
After an investigation led by the Federal Capital Public Prosecution, a criminal gang has been convicted and sentenced to prison for their role in counterfeiting money. The gang used social media platforms to deceive people by advertising fake currency as real, even offering discounts of up to 50 percent off the face value of the counterfeit bills.
Selling fake currencies on social media
The modus operandi of the suspects involved luring interested parties through social media by advertising the counterfeit currencies at discounted rates. Once potential victims expressed interest, the suspects would arrange a meeting location for the exchange and delivery of the counterfeit currency.
Upon reaching the designated meeting point, the culprits would exchange the counterfeit money with the victim, who would offer them genuine UAE dirhams in return. However, as soon as the transaction concluded, the criminals would hastily escape, leaving their victims with counterfeit currency and the realization that they had fallen victim to a scam.
The UAE Public Prosecution Warning
The UAE Public Prosecution has issued a warning to the public, urging them to obtain and exchange currencies only through licensed authorities and to exercise caution when dealing with individuals on social media platforms. This caution is particularly relevant when individuals promise quick money-making schemes, as it may be indicative of fraudulent activities.
Counterfeit crime in UAE
Counterfeiting currencies is a serious crime that undermines the stability of financial systems and can have severe legal consequences. The UAE authorities take a strong stance against such criminal activities and are actively pursuing investigations and prosecutions to combat currency counterfeiting and protect the public from financial fraud.
In addition to criminal penalties, those involved in counterfeiting currencies may also face civil lawsuits and confiscation of assets obtained through illegal activities. It is crucial for individuals to be vigilant and report any suspicious activities related to currency counterfeiting to the authorities to help prevent such crimes and protect the financial well-being of the community.
Moreover, the UAE Public Prosecution's efforts to investigate and prosecute criminal gangs involved in currency counterfeiting demonstrate the government's commitment to maintaining the integrity of its financial systems and protecting the public from financial fraud. The public is strongly advised to exercise caution and use licensed authorities for currency exchange to avoid falling victim to fraudulent schemes.
