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UAE: Gang jailed for selling fake currencies on social media, defrauding residents
The UAE Public Prosecution has urged the public to exchange currencies through licensed authorities
A gang of criminals has been sentenced to prison due to its involvement in counterfeiting currencies.
The Federal Capital Public Prosecution initiated an investigation into a group of suspects who defrauded individuals by promoting counterfeit currencies on social media platforms. They did this by claiming that they were genuine currencies offering discounts of up to
Investigations have revealed that the suspects would lure interested parties through social media by offering discounts of up to 50 per cent on the actual currency value. When the victim would contact them, they would provide a location for exchange and delivery.
The suspects would hand over the counterfeit currency to the victim at the location and receive genuine UAE dirhams in return.
Victims would realise that they have been scammed after the suspects would flee.
The UAE Public Prosecution has urged the public to obtain and exchange currencies through licensed authorities and not to believe individuals on social media platforms, particularly those targeting individuals who are seeking to make money fast.
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