Hushpuppi and Mr Woodbery’s Instagram fame and display of luxury helped Dubai Police arrest them for Fraud.
Hushpuppi’s principal scam was to create websites that looked identical to well-known companies and banks, it is alleged.
He and his accomplices then used emails and messages to prompt people to log in or make payments on the fake sites.
The gang hacked corporate emails and directed huge payments by companies towards accounts they controlled.
Olalekan Jacob Ponle, known as Woodberry, was also arrested along with ten other men in a operation involving six police SWAT teams.
Along with 13 luxury cars, valued at an estimated Dh25m ($6.8m), police confiscated 21 computers and 47 smartphones.
The gang had 119,580 “fraud files” as well as addresses of more than 1.92 million victims.
Police said email addresses for 800,000 potential victims were discovered, and that the gang could have scammed as much as Dh1.6 billion from victims. Officers dubbed the operation Fox Hunt 2, after busting an African cyber crime gang running a similar scam in February 2019, in which Dh32 million ($8.7 million) was stolen from victims.
Hushpuppi posed as a real estate investor and businessman, with more than two million followers on Instagram