Search for Alleged Fraudster Accused of Taking Nearly EGP 20 Million

Dozens of citizens have filed police reports accusing an alleged investment fraudster of taking nearly EGP 20 million in exchange for promised monthly returns.

The complaints were lodged at police stations in October, Agouza and Imbaba. Complainants say they handed over their money under an arrangement that was supposed to provide regular profits.

The suspect was described as a new “mostareeh,” a term used in Egypt for alleged fraudsters who collect money from people with promises of investment returns.

The search for the accused is ongoing. No details were provided about the suspect’s identity or the business activity in which the money was supposedly to be invested.

The available information does not establish whether any monthly payments were made or whether any of the money has been recovered.