
Dubai Police arrest gang behind trading scam on social media
The suspects falsely claimed to represent reputable trading and investment platforms, targeting victims through phone calls and social media advertisements.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Zawya
3 hours ago
- Zawya
SCA refers licensed company to Public Prosecution, imposes fine of $1.36mln for misleading clients
The Securities and Commodities Authority (SCA) has imposed a record fine of AED5 million on a licensed company and referred the matter to the Public Prosecution, in a decisive move to safeguard market integrity and enforce regulatory compliance. The action follows confirmed violations of anti-money laundering (AML) laws, counter-terrorism financing regulations, and measures related to the funding of illicit organisations. An in-depth investigation revealed that the entity in question, in collaboration with an overseas company, engaged in deceptive practices targeting investors within the UAE by falsely suggesting that the foreign company was licensed by the Authority, with the intent of misappropriating client funds. The referral of the case to the competent judicial authorities underscores the Authority's unwavering commitment to transparency and to upholding the highest standards of regulatory compliance. By escalating the case to judicial authorities, the SCA reaffirmed its commitment to transparency, deterrence, and regulatory compliance, in line with international best practices. The SCA reiterated its strategic focus on proactive oversight, risk-based supervision, and strict compliance enforcement, all of which support the UAE's positioning as a trusted and competitive global financial hub.

The National
7 hours ago
- The National
Driver arrested over Dubai hit-and-run incident
A Dubai driver has been arrested in connection with a hit-and-run incident that has left a pedestrian severely injured, the emirate's police force said on Thursday. The motorist ran over the victim on July 20 in the Hor Al Anz area of Deira, east Dubai, and fled the scene, said officers. Within two days, a 33-year-old Indian driver was held in connection with the incident. It is also alleged that he took his car to a garage in a bid to have the damage repaired and hide any evidence of the collision. Counsellor Salah Bu Farousha Al Felasi, senior advocate general and head of traffic prosecution, said the driver and the Pakistani garage owner have both been arrested and are currently under investigation. They were apprehended within 48 hours of the incident, Mr Al Felasi added. 'The victim sustained severe injuries and is receiving treatment in hospital. The driver didn't pay attention to the road and escaped the scene,' said in a statement. The two suspects will be referred to the legal prosecutor soon, he added, and Dubai Police will ask for the toughest penalty. The authority didn't disclose any details about the victim. A word of warning Mr Al Felasi urged drivers to stay vigilant and follow traffic rules to prevent accidents. 'Don't escape a traffic accident scene, it is a serious offence,' he added. 'Drivers must report such incidents to the police within three hours, in line with the latest amendments to the traffic law as of March 29 this year.' Drivers who flee the scene of traffic accidents can be jailed for up to one year and/or fined between Dh50,000 ($13,600) to Dh100,000. 'Any attempt to escape responsibility will be faced with strict legal action,' Mr Al Felasi added.


The National
9 hours ago
- The National
UAE imposes $11.4m in fines during first half of 2025 on money laundering offenders
The UAE has imposed fines of more than Dh42 million ($11.4 million) on private sector entities during the first half of 2025 for not complying with money laundering regulations, as the government continues its fight against illicit financing activities. A total of 1,063 breaches were discovered in the six months through the end of June across four categories, state news agency Wam quoted the Ministry of Economy of Tourism as saying on Thursday. Companies in the metals and gemstones sector committed 473 breaches, resulting in fines totalling Dh20 million, the ministry said. Real estate brokerages tallied 495 breaches that merited Dh18.5 million in penalties, while corporate service providers had 95 breaches, which resulted in fines of more than Dh4 million. The actions are part of the progress made by the ministry in developing its regulatory enforcement system, which is based on 'an advanced methodology aimed at ensuring the highest levels of compliance', said Safia Al Safi, assistant under-secretary for commercial control and governance at the ministry. The 'clear mechanism' for on-site inspections enables a business environment 'based on transparency and governance, and to activate proactive oversight tools to address risks related to money laundering and terrorist financing', she added. The UAE has made significant strides in the fight against financial crime in recent years. Effective policies on anti-money laundering and combating the financing of terrorism are key to the integrity and stability of the international financial system and the economies of nations, according to the International Monetary Fund. In September last year, the UAE announced a nationwide action plan aimed at boosting its fight against illicit financial activity by introducing the 2024-27 National Strategy for Anti-Money Laundering, Countering the Financing of Terrorism and Proliferation Financing. Last year, the government amended its laws on anti-money laundering, and the financing of terrorism and illegal organisations. A National Committee for Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations has been formed as a result. And in a major vote of confidence, the EU earlier this month voted to remove the UAE from its list of countries that pose a high risk for money laundering and terrorist financing. The Financial Action Task Force, the global body that combats money laundering and terrorism financing, removed the UAE from its 'grey list' in February last year after significant progress on reforms. The Emirates was placed on that list in 2022. The imposition of administrative penalties primarily aims to 'encourage establishments to rectify their situations and improve their internal systems, particularly with regard to implementing due diligence procedures', Ms Al Safi said. This in turn would help in 'improving the quality of risk assessments and enhancing the reporting of suspicious transactions', she added.