By Staff Reporter
Dubai Police have arrested an Asian man using ‘magic ink’ to provide fake bank loans to victims. The fraudster conned individuals into believing he could assist them in obtaining bank loans in exchange for money. He then gave them fake documents printed with the ‘magic ink’, which vanished shortly after they received them.
In a statement, the Dubai Police confirmed that the Fraud Prevention Center arrested the fraudster after receiving reports from victims about his crimes. They explained that he deceived them with fake business cards and a job ID, impersonating a bank.
The police noted that the fraudster employed two deceptive tactics to mislead his victims. First, he convinced them to sign documents, such as ‘Account opening fees’, in exchange for money.
His second tactic involved obtaining a cheque from the victims, writing the cheque details with magic ink fraud while they signed with a regular pen. Once the ink vanished, he substituted their names with his own and altered the amount, using his knowledge of their bank balances.
How to stay safe from such frauds
Dubai Police urged community members to remain vigilant against modern fraud tactics, warning them not to engage with unofficial entities or individuals claiming they can facilitate banking transactions in exchange for money.
They also highlighted the importance of verifying the identity of representatives from financial institutions by checking their official ID. Additionally, they encouraged using a personal pen to complete any forms or cheques and advised contacting the financial institution directly to confirm the representative’s identity if there are any doubts.
The police also called on community members to promptly report cybercrimes using the Dubai Police smart app or the eCrime platform, reaffirming their unwavering commitment to pursuing individuals who threaten community safety or attempt to take money from others unlawfully.
