Police in Dubai have arrested 43 people believed to be involved in an international syndicate that used AI-powered deepfake technology to steal $36 million (Dh131.4 million) from two Asian companies.
The gang allegedly targeted major corporations by hacking emails between company directors and branch managers and convinced staff to carry out large fund transfers to their bank accounts based in Dubai.
Police said the 43 suspects are of various nationalities.
A statement from the force on Thursday said: “Dubai Police have identified the ringleader who currently resides outside the UAE, along with 20 additional suspects, for whom red [arrest] warrants have been issued."
The operation and subsequent arrests were executed through close collaboration with international counterparts, including in France, Hong Kong and Singapore.
Under Operation Monopoly, Dubai Police launched an investigation after a lawyer representing an East Asian company reported to the force's e-crime platform it had been victim of a multimillion-dollar fraud.
Police said the inquiry revealed the gang had managed to hack into the company's email accounts to intercept communication between the chief executive and the company's branches.
Using AI-powered deepfake technology, police said the gang impersonated the company directors and replicated their voices to instruct branch managers to transfer $19 million to a Dubai-based account for a confidential acquisition deal in the emirate.
The alleged scam was further supported by official emails sent by the suspected fraudsters to the branches.
Dubai Police's cybercrime and money-laundering units quickly tracked the transfer, tracing it to a person who had opened the bank account in 2018 and subsequently left the UAE.
“Employing a sophisticated money-shifting technique, the criminals moved the stolen funds between multiple accounts before withdrawing and funnelling them into specialised money-holding and transfer companies," the force said.
"While some of the suspects left the country, others remained behind to continue their withdrawal and redeposit activities."
During the course of monitoring the gang's members, investigators uncovered a second fraudulent operation targeting a different company outside the UAE, where the syndicate stole $17 million using the same deceptive methods.
“Such criminal behaviour is often employed by money-laundering gangs to obfuscate the source of funds,” the force said.
Dubai Police arrested the suspects and seized luxury cars and expensive artworks.
"The gang meticulously studied their victims, closely monitoring their cyber activities and consistently targeting company heads and influential businessmen," Dubai Police said.
Dubai Police said they managed to recover the funds, which have now been returned.
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
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