- The conman met the victim in a restaurant, and then excused himself to meet his wife in the parking lot.
The money was embezzled from a man of Indian descent by a Pakistani and his compatriot, Sharjah News reported.
The fraudster and his aide -- who resides outside the country -- convinced the victim to buy Bitcoins worth Dh2 million.
The victim had already undertaken some transactions via Bitcoin that turned out to be lucrative, a report in Ajman News said.
Following his initial success, the man found an online trader who lived in an Asian country.
After discussing the terms, he agreed to buy from him Bitcoins worth Dh2,000,500.
The seller requested him to transfer the money to Sh. G. M, a Pakistani national, who lived in Sharjah and who would transfer the Bitcoin to the account of the victim.
The victim met the compatriot of the Asian seller at a coffee shop located in a mall in Sharjah.
They agreed on the amount to be handed over in exchange for the conversion of his money into Bitcoin on a laptop that he had brought with him for the purpose.
The conman claimed that the network was slow and excused himself for a few minutes to talk to his wife, who he said was in the mall's parking lot.
When the man didn't return, the victim called and found that the fraudster's phone was switched off.
The police were informed of the incident. They formed a team to identify and arrest the fraudster, following which the money was restored to the victim.
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