A Dubai hotelier has been arrested in India for his alleged involvement in a massive Dh950 million cryptocurrency scam. Authorities revealed that the suspect used his businesses in Dubai to illegally move funds out of India through various payment gateways.
After transferring the money abroad, he converted it into cryptocurrencies and handed it over to Chinese handlers, while keeping a portion for himself. This intricate scheme underscores the challenges authorities face as cryptocurrencies increasingly figure in illegal activities.
The arrest followed a thorough investigation into financial irregularities connected to the suspect’s Dubai-based companies. Officials believe the scheme used sophisticated methods to:
- Evoke detection by regulatory agencies.
- Launder large sums through digital currencies.
Investigations remain ongoing as more details about the operation and the parties involved are uncovered. Meanwhile, Dubai continues to bolster its efforts to combat financial crimes and uphold its reputation as a safe and reliable business hub.
Stay tuned to Questiqa World News for more updates on this developing story.
About The Author
