Egypt Daily News – Egyptian authorities have referred 20 individuals associated with the controversial digital platform “FBC” to the Economic Criminal Court, following extensive investigations into allegations of large-scale online fraud. The defendants are accused of orchestrating a scheme that defrauded Egyptian citizens of millions of pounds under the guise of false online investment opportunities.
The Public Prosecution announced that it had received formal complaints from 537 citizens who claimed they were scammed out of over 15 million Egyptian pounds by the FBC platform. Victims were lured into performing supposed “online tasks” with promises of exceptionally high returns. The scheme, investigators say, was a front for a well-organized criminal network.
Foreign-Led Crime Ring Using Fake Licenses
Investigations revealed that the platform was operated by a transnational criminal group led by foreign nationals who devised and managed the fraudulent operation. Egyptian collaborators executed the scam on the ground.
To attract victims, FBC operatives created channels on WhatsApp and Telegram, where they advertised their investment model and falsely claimed to possess official licenses. The platform used fake company registration documents and operated under a fabricated commercial identity.
Digital forensic evidence gathered by authorities included group chat conversations, promotional videos, and activity logs tied to the suspects’ digital wallets. More than 350 testimonies from affected individuals supported the case against the accused.
No Authorization from Financial Regulatory Authority
During the investigation, Egypt’s Financial Regulatory Authority confirmed that FBC had never been granted a license to conduct investment or fund management activities. This lack of authorization played a critical role in the legal classification of the platform’s operations as criminal fraud.
As part of the legal proceedings, Egyptian prosecutors ordered the freezing of the suspects’ assets, imposed travel bans, suspended the use of seized mobile SIM cards, and froze all digital wallets connected to the fraudulent activity.
Multiple Online Fraud Networks Busted
FBC is not the only online platform implicated in large-scale digital fraud in Egypt. The Interior Ministry previously dismantled three separate criminal groups operating under the names GME, RGA, and BTS, all linked to a broader international cyber-fraud network.
In a related operation, Egyptian authorities also arrested individuals behind another platform known as “VSA” on Monday morning, citing similar charges of defrauding citizens under false investment pretenses.
According to security officials, many of these fraudulent platforms follow a similar model: they advertise fake investment schemes through social media and encrypted messaging apps, request users to deposit money, and then disappear once a critical mass of funds has been collected.
As Egypt intensifies its crackdown on cyber-enabled financial crimes, authorities have urged citizens to verify the legitimacy of online investment platforms and avoid dealing with unlicensed financial entities.
