Dubai Police arrest 43 suspects in $36 million AI-powered deepfake fraud scheme
Dubai Police have apprehended 43 individuals suspected to be part of an international syndicate that used advanced deepfake technology to steal $36 million from two Asian companies. The gang reportedly hacked into the email accounts of major corporations, convincing staff to transfer large sums of money to their bank accounts based in Dubai.
The suspects are of various nationalities and are believed to be part of a sophisticated criminal operation. The ringleader, who resides outside the UAE, has been identified, along with 20 additional suspects for whom arrest warrants have been issued.
The arrests were made possible through collaboration with international counterparts in France, Hong Kong, and Singapore. The investigation, named Operation Monopoly, was launched after a lawyer representing an East Asian company reported to Dubai Police’s e-crime platform it had been victim of a multimillion-dollar fraud.
The gang used AI-powered deepfake technology to impersonate company directors and replicate their voices to instruct branch managers to transfer $19 million to a Dubai-based account. The scam was further supported by official-looking emails sent by the suspected fraudsters.
Dubai Police’s cybercrime and money-laundering units quickly tracked the stolen funds and managed to recover them. The suspects have been arrested and luxury cars and expensive artworks have been seized.
The gang meticulously studied their victims and consistently targeted company heads and influential businessmen. The recovered funds have been returned to the victims.
Dubai Police apprehend gang allegedly using AI to steal $36 million
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