Fake UAE royal endorsement leaves over thousand defrauded in scam

A fake monetary scheme operating from Ukraine and Argentina could have had many locals dumping in AED 1000 to start off their journey to riches within seven day- as The National News stated on 30 June 2019.

Fake schemes are a menace when it comes to the locals trying to make a quick buck. Abu Dhabi’s residents could have been swindled up in a ball of similar yarn, if not for the government’s efforts to help keep them informed.

The scheme tricks people with a false endorsement from Abu Dhabi’s crown prince, Sheikh Mohammad Bin Zayed. The Facebook page that showcased it, has been put down by the social media giant, itself.

The follow-up plan for increasing the investor’s money was to incorporate their share into the Bitcoin (BTC) market and wait for the prices to go up – or that is what the potential customers were told – to spool them in. This, however, led to the investors giving away personal details, compromising their privacy.

The UAE government warned its residents to steer clear of such schemes. This one in particular seemed quite compelling.

Anyone following up on the Bitcoin trend line would be spooled in as a rebound was foretold by analysts. The scheme also had a showcased a quote from the Prince, claiming about this being his way of giving to the people.

The news was released fresh after the Federal Bank of Abu Dhabi ( FAB) went mainstream with their app to increase the scope of digital payments, given to the fact that about seventy-five percent (75%) of transactions in the UAE are made using cash.

Facebook has been bashed by many including an Indian national residing in UAE who states that Facebook just pushes out adds without taking note of the content. BTCManager reports that Facebook has grown soft on its policies with the Libra debut regarding adds concerning to cryptocurrency.