In a significant breakthrough, a Dubai-based hotelier has been arrested in India for allegedly masterminding a crypto scam valued at Dh950 million. Authorities claim the suspect utilized his Dubai businesses to funnel illegal funds out of India through multiple payment gateways.
These funds were subsequently converted into cryptocurrency and transferred to Chinese handlers, with the hotelier reportedly receiving a commission from these transactions. This case is currently under investigation for its complex international money laundering and cryptocurrency operations.
The arrest underscores growing concerns about the misuse of cryptocurrencies in illicit activities and highlights the global crackdown on financial crimes involving digital currencies. Furthermore, it brings attention to Dubai’s status as a financial hub, which can sometimes be exploited in cross-border fraud schemes.
Officials from India and Dubai are expected to work closely as the ongoing investigation progresses. The accused will face legal proceedings, and additional details regarding this multi-million dirham scam are anticipated.
Stay tuned to Questiqa World News for further updates on this developing story.
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