A Dubai police chief has urged banks in the UAE to constantly monitor ATM activity after a gang of four men were arrested - accused of a $60 million fraud operation involving stolen credit card information.

It is alleged they stole the information from nearly 17,000 credit cards and used it in online transactions and to withdraw money from the accounts of the owners, police said on Monday.

The Criminal Investigation Department (CID) received an initial tip-off in July and after monitoring and collecting evidence, the teams raided the gang’s den and arrested them, UAE daily Gulf News reported on Tuesday.