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Dubai Police Bust An International Cybercriminal Syndicate In Operation ‘Monopoly’

Farah Makhlouf
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The Dubai Police recently cracked down on an international syndicate of cybercriminals involved in a sophisticated hacking operation. The gang would hack into the email accounts of company CEOs and impersonate them to instruct branch managers to transfer substantial sums of money to their own.

Dubai Police arrested 43 suspects, while the mastermind and 20 of his accomplices based outside the UAE have been identified, and international arrest warrants have been issued against them

The Dubai Police’s ‘Operation Monopoly’ came to light when a lawyer representing a company in Asia reported the fraudulent transfer of approximately $19 million through e-crime.ae

The gang’s cyber heists involved a two-phase transfer process, with an estimated total of $36 million being moved from one account to another before being deposited into the cash vaults of money holding and transport companies.

Further investigations revealed that the gang had also hacked into the electronic communications of another international company, embezzling an additional $17 million. The police traced the money trail, ultimately luring the suspects to the UAE, where they were apprehended. In addition to the arrests, the authorities seized luxury cars and valuable artworks belonging to the cybercriminals.

To bring the syndicate to justice, Dubai Police collaborated with security agencies in France, Hong Kong, and Singapore, highlighting the international scope of the operation.

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