The Cairo Economic Court convenes today to begin the trial of three defendants from Silwana Diamond Company for Fish Farming, charged in Case No. 154 of 2025 with fraud, financial deception, and unauthorized collection of funds. The defendants are accused of seizing approximately EGP 33 million under the guise of investment in fish and livestock projects.
The previous session had been postponed pending the personal attendance of the second defendant, and the case resumes today for further examination.
According to the Prosecution’s referral order, the defendants — Firas M., Sameh S., and Mohamed A., all residents of the Agouza district in Giza Governorate — solicited funds from the public during 2023 and earlier, claiming to invest them through Silwana Diamond Company in fish farming and agricultural production, despite not being licensed or registered with the Financial Regulatory Authority, as required by Law No. 146 of 1988 regulating companies authorized to receive and invest public funds.
Investigations revealed that the defendants had collected EGP 33.6 million (equivalent to €307,000) from investors through online advertisements and social media promotions, offering unrealistic periodic profits.
Prosecutors stated that the defendants failed to return the funds to investors after maturity, leading to multiple complaints and the initiation of a full-scale investigation that culminated in their referral to trial before the Economic Court on charges of fraud and unlawful financial collection.
