276 arrested in Dubai in crypto fraud crackdown

Key points:

• China, the U.S., and the UAE conducted a joint operation in Dubai targeting crypto fraudsters and arrested 276 people.
• Scammers approached victims through social media and convinced them to invest in fake crypto platforms.

Chinese, American, and Emirati law enforcement agencies carried out their first joint operation in Dubai targeting organizers of crypto fraud schemes, according to China’s state-run Xinhua News Agency.

China’s Ministry of Public Security said authorities dismantled nine fraud rings and arrested 276 suspects during the raid. Investigators believe the scammers contacted victims through social media, built trust over time, and then persuaded them to invest in supposedly profitable crypto projects.

Once victims transferred their funds, they lost access to their money, while the cryptocurrency was funneled through a network of wallets controlled by the fraudsters.

Scheme operated through fake investment platforms

According to the U.S. Department of Justice, victims from multiple countries, including the United States, were targeted by the scheme. Suspects allegedly promoted fake crypto investment platforms and assisted users in transferring funds to them.

Investigators also linked the operation to Ko Thet Company, Sanduo Group, and Giant Company. Authorities believe these entities were used to organize and conceal the fraud scheme.

U.S. authorities had previously announced the shutdown of nine crypto scam centers. Most of the arrests took place in Dubai, while another suspect was detained in Thailand.

The U.S. Attorney’s Office for the Southern District of California has charged the suspects with wire fraud and money laundering. Losses tied to the case are estimated in the millions of dollars.

The FBI said the investigation began in 2025. As part of Operation Level Up, law enforcement agencies also warned nearly 9,000 potential victims of crypto scams and estimated the effort helped prevent roughly $562 million in losses.