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The FBI stormed 38-year-old Raymond Abbas' apartment in Dubai while he slept, and discovered £30 million in cash while they were at it.
Twelve other people have been arrested for their alleged involvement in the large-scale scam. Those investigating accuse the Instagram star of portraying his lavish billionaire-style life in order to 'lure victims from all over the world'.
During the raid it is thought that two million email addresses were discovered on a number of mobile devices and computers, police also seized some flash cars and some suitcases full of money.
Brigadier Jamal al-Jalaf, from the Dubai Police CID told The Times: "The suspects targeted victims overseas by creating fake websites for well known companies and banks in a bid to steal victims' credit card information and then launder the stolen money."
Mr Abbas - who is more commonly known by his online name Hushpuppi - now stands accused of fraud in Europe, North America, and Nigeria, according to the police.
The raid was the culmination of two months' worth of investigations into the gang, with detectives relying heavily on social media to track their locations.
Mr Abbas was once a second hand clothes trader in the Nigerian capital, Lagos, before claiming that he was a billionaire property developer in Dubai.
His social media account says that he flaunts his luxury life in order to inspire others to better themselves.
Abbas once told his 2.4 million followers: "I post a few of these things so that someone can see my page someday and decide not to give up."
Well, the Dubai Police recently shared a video that is significantly different to the usual content that Mr Abbas would be used to being involved with.
It showed Mr Abbas looking pretty startled and surprised whilst in a set of handcuffs and flanked by a masked and armed member of the police force.
According to reports in the local press around Dubai, it is thought that the FBI looks set to ask for Abbas' extradition to the United States of America, as quite a large number of the victims of the alleged scam were US citizens.
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