Dubai Police Busts Network of Cybercriminals Over $36 Million Scam

In a major breakthrough, Dubai Police have successfully dismantled an “international syndicate” of cybercriminals who orchestrated a series of business-targeted attacks across multiple countries. The cyber gang, apprehended in Operation ‘Monopoly,’ specialized in infiltrating the email accounts of CEOs and manipulating branch managers to execute fraudulent money transfers.

A total of 43 suspects were detained in connection with the operation. Notably, the police have not only identified the mastermind behind the gang but also pinpointed 20 of his collaborators located outside the UAE. An international arrest warrant has been issued against these key figures.

The police’s meticulous security operation meticulously traced the cyber gang’s complex money transfers, amounting to an estimated $36 million. The suspects attempted to obfuscate their trail by shuffling funds between various accounts before ultimately withdrawing the money through intermediaries. Subsequently, the ill-gotten gains were funneled into cash vaults belonging to money holding and transport companies.

The genesis of Operation Monopoly can be traced back to a complaint lodged by a lawyer representing a company in an Asian country. The lawyer reported the cyber gang’s intrusion into the CEO’s email, impersonation of the executive, and issuance of fraudulent instructions to transfer approximately $19 million to a Dubai-based bank.

Further investigations uncovered that the account receiving the funds had been opened by an individual in 2018, who was no longer in the UAE. The gang employed a sophisticated web of transactions through multiple accounts before safely stashing away the pilfered funds with money holding and transport companies.

In a parallel case, the police revealed that the same cyber gang had infiltrated the electronic communications of another international company, embezzling a substantial $17 million.

The police meticulously followed the money trail, enticing the suspects to the UAE and subsequently making the arrests. Luxury cars and valuable artworks were among the seized assets during the operation.

According to the police, the cybercriminals targeted potential victims by studying their electronic activities, with a focus on corporate executives, business figures, and affluent individuals. The collaboration between Dubai Police and security agencies in France, Hong Kong, and Singapore played a pivotal role in the success of Operation Monopoly.