OPEN// 20 persons referred to economic court over defrauding citizens via FBC platform
In a statement, the prosecution said that the Economic and Money Laundering Prosecution had investigated complaints filed by 537 citizens who reported falling victim to electronic fraud schemes that swindled them out of more than EGP 15.9 million. The platform allegedly promoted bogus investment opportunities, claiming huge profits in return for performing online tasks.
Investigations revealed the identities and roles of the suspects. The platform was found to be a front for a criminal network led by foreign elements who planned and managed the fraud operations, while Egyptian nationals executed them.
The probe also showed that the platform created groups on WhatsApp and Telegram to lure victims and promote its illicit activities, falsely claiming to hold official licenses.
The referral order relied on testimonies from more than 350 witnesses as well as technical and digital evidence, including chats and videos documenting the suspects' activities. It was also established that they operated multiple e-wallets with fake data and used a commercial registration for a company under the platform's name. The Financial Regulatory Authority confirmed that it had never issued any licenses for such investment or fund management activities.
The prosecution said it had swiftly taken measures to safeguard victims' rights, including freezing the suspects' assets, placing them on travel ban lists, suspending use of seized SIM cards, and blocking the linked e-wallets.
The Public Prosecution urged citizens to exercise utmost caution toward social media campaigns advertising fake quick-wealth opportunities, stressing that such schemes are mere fraud tools run by organized criminal networks. It underlined the importance of avoiding dealings with any unlicensed entities in the fields of investment and fund management to protect their savings from financial scams. (MENA)
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