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'Money doubling' scammer arrested in UAE raid
Umm Al Quwain - "The suspect contacted some people, offering them $50,000 counterfeit notes against Dh30,000"
The suspect was apprehended red-handed with black notes he claimed to be of US dollar denominations, according to a senior police officer.
Major Marwan Rashid Hamad, Head of Organised Crime section with the UAQ police, said the criminal investigation department was alerted about the fraudster by an undercover agent.
"The suspect contacted some people and offered them $50,000 in counterfeited notes against Dh30,000."
A search and investigation team had been formed to verify the tip-off, he added. "The suspect was tracked down until he was arrested in a tight security trap"
The accused, identified only as K.M. admitted to his crime, Major Hamad explained.
"The counterfeited US dollars and raw materials used in the scam were seized as well, while the suspect was referred to the UAQ public prosecution for legal action."Warning
The UAQ police shall remain vigilant and will stringently clamp down on such illegal practices, he reiterated.
"Greed is what makes a victim fall for such cons (confidence tricks) known as money doubling schemes/scams, and many have unfortunately become victims of such scams"
He added that in other similar cases, the swindler asked the victim to provide notes such as Dh500 or Dh1,000 while claiming that he possesses a special machine and chemical that can create authentic bills from black dyed notes in a process termed as money doubling.
"The victim is asked to pay a certain sum, ostensibly to purchase special and expensive chemicals, and is then handed a pack of black coated notes and a chemical."
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