The Economic Court in Cairo has decided to postpone the trial of defendants involved in the FBC online investment fraud case, in which twenty individuals face charges of seizing millions from citizens through a deceptive digital platform.
Investigations by the Public Prosecution’s Economic and Money Laundering Department revealed that 537 citizens filed complaints claiming they had been victims of online fraud amounting to over EGP 15.9 million. The accused allegedly ran the “FBC” platform as a cover for a transnational criminal organization, with foreign leaders overseeing the scheme and Egyptian members executing operations locally.
According to the findings, the defendants created groups on WhatsApp and Telegram to attract victims with false investment promises, using forged documents and unlicensed business registrations. The Financial Regulatory Authority confirmed that the company behind the platform had no authorization to engage in investment or fund management activities.
The prosecution relied on testimonies from over 350 witnesses and extensive digital evidence, including chats, videos, and fake e-wallet transactions. Authorities have since frozen the defendants’ assets, banned them from travel, and suspended all related mobile lines and e-wallets.
The Public Prosecution warned citizens to be cautious of online quick-profit offers, emphasizing that such schemes are modern tools of organized financial fraud. It urged the public to invest only through officially licensed financial entities.
