UAE authorities have jailed members of a gang who used counterfeit currency to defraud unsuspecting people on social media.
Following an investigation, it was found the fraudsters promoted currency exchange services on social media before using counterfeit money to trick their victims.
The UAE Public Prosecution has urged members of the public to only exchange currencies through licensed authorities and to be wary of misleading advertisements online.
UAE counterfeit currency scam
An investigation by the Federal Capital Public Prosecution uncovered the counterfeit gang, which was offering discounts of up to 50 per cent of the actual currency value.
Under the cover of offering genuine currencies, the scammers were actually using counterfeit cash.
A statement by the UAE Public Prosecution on social media said: “Investigations have revealed that the suspects advertise the availability of frozen or suspended currencies on social media, offering them to interested parties at discounts of up to 50% off the original price and when the victim contacts them, they provide a location for exchange and delivery.
“The collaborators within the internal criminal organisation attend the meeting, hand over the counterfeit currencies to the victim, and receive genuine Emirati Dirhams in return.
“They then flee the scene, leaving the victim to discover that they have been the victim of fraud, and their money has been replaced with fake bills.
Public Prosecution has ordered the imprisonment of the criminal gang.
Public prosecutors urges the public not to believe or trust what some individuals promote falsely on social media platforms, particularly those targeting individuals seeking quick wealth.
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