DUBAI: UAE police have arrested a Pakistani man who conned an Indiannational of $545,000 in a fraudulent bitcoin transaction, Gulf dailyKhaleej Times reported.Police said that the victim had struck a deal with the suspect to buycryptocurrency by meeting at a mall in Sharjah emirate.After the two met at a coffee shop, the suspect took the Indian’s bankdetails and claimed that the bitcoin was already being transferred to thevictim’s account.The suspect then said that his wife needed him for an emergency in theparking lot and left the victim waiting. The conman’s mobile phone has beenswitched off when the victim tried to reach him again, after which he wentto the police to report the incident.Authorities then zeroed in on the suspect and recovered the money, whichwas transferred back to the rightful owner.Police authorities have urged citizens to refrain from dealing inactivities related to digital currency, as there is no official regulationyet in place in the UAE covering these transactions.
Pakistani man arrested in Dubai in a huge bitcoin fraud