A Pakistani man has been arrested in connection with a Bitcoin fraud and the police have recovered more than AED2 million from him.

The suspect and his compatriot who is based outside the country convinced an Indian man to part with Dh2,000,500 for the purchase of Bitcoin.

The suspect lured the victim with a deal on buying Bitcoin on a website.

He contacted the man and agreed to buy Bitcoins worth Dh2,000,500 from him.

The online trader asked the victim to hand over the money to a Pakistani man who lived in Sharjah, who would, in turn, transfer the Bitcoin money to the victim’s account.

The two met at a coffee shop to finalise the deal. The suspect pretended to transfer the Bitcoin to the victim's account. However, in a while he excused himself to go to the car park. He said that his wife who was sitting in the car needed some help.

When he did not return the victim called the police.

The police identified the suspect, raided his residence and arrested him. They found most of the stolen money in his possession in addition to receipts of partial money transactions from the amount to his partner based outside the country.