All About the Successful Operation "Monopoly" by Dubai Police
Dubai Police successfully disrupted an international cybercrime syndicate that deceived major companies across multiple countries.
Read More: Dubai Police Arrests Cyber-Beggar
Under the operation codenamed 'Monopoly,' 43 suspects were apprehended, including the gang leader. Additionally, arrest warrants on an international scale were issued for the gang leader and 20 accomplices.
The fraudsters employed various tactics, such as hacking official emails and utilizing deepfake technology to impersonate company directors. This allowed them to manipulate branch managers into transferring funds for fictitious transactions. The police's specialized anti-cybercrime team meticulously tracked the group's $36 million in two-phase transfers.
The criminals utilized sophisticated techniques for moving money between accounts to hide their trail, eventually withdrawing funds through intermediaries and depositing them into specialized money holding and transfer companies.
@DubaiPoliceHQ’s 'Monopoly' operation unveils the arrest details of a transnational hacker and fraud network exploiting major enterprises. Unprecedented cooperation and expertise highlighted.https://t.co/bIIyJWbrRY pic.twitter.com/G6RxJvC5gC
— Dubai Policeشرطة دبي (@DubaiPoliceHQ) November 9, 2023
When did the operation begin?
The operation began when a lawyer from an Asian business used e-crime.ae, Dubai Police's anti-cybercrime platform, to file a complaint. The complaint highlighted the activities of a global criminal syndicate that had successfully breached the CEO's email, assumed his identity, and directed the accounts manager to transfer approximately $19 million to an account within a Dubai-based bank. The fraudulent instructions falsely claimed that the funds were intended for the benefit of the company's branch in the emirate.
How did Dubai Police track the suspects?
Dubai Police's departments focused on countering cybercrime and money laundering initiated the tracking of the money's path and commenced surveillance on the gang members, enticing them to the UAE without arousing any suspicion.
The recipient account of the transferred funds was owned by an individual who established it in 2018 and has since departed the country.
The gang redirected the funds through multiple accounts before ultimately withdrawing and depositing them into secure cash vaults operated by specialized money holding and transport firms.
According to Dubai Police, the criminal group hacked into a foreign company's electronic communications during the case's surveillance and seized around $17 million. They carried out several complex transactions before hiding the money in their safe vaults.
Despite this, Dubai Police demonstrated extraordinary investigation skills by capturing 43 people involved in illegal activities and seizing luxurious cars and valuable artworks.