Egypt’s Security forces arrest number of defendants involved in illegal trade in foreign exchange

CAIRO –7 February 2024: Egyptian security forces arrested on Wednesday number of people accused of running a company for illegal trading in foreign currency. The financial value of the illegal trading-company estimated at approximately LE38 million.

During the past week, Egypt’s Ministry of Interior launched a campaign against several people involved in the illegal trading in foreign currencies in the black market. This campaign helped to control the market and cause a remarkable decline in the price of the US dollar.

The security movements came as a continuation of the security strikes against crimes of illegal trading in foreign exchange, which had a negative impact and had major repercussions on the country’s national economy.

Huge campaign to control illegal currency trading

The Ministry of Interior managed to foil 22 cases of ‘illegal trading’ in various foreign currencies, with a financial value estimated at approximately LE 34 million, and then revealed 25 other cases of trafficking in foreign currencies, with a financial value estimated at approximately LE 11 million.

The Information and investigations from Cairo Security Directorate and the General Administration for Combating Public Money Anti-Grafts confirmed that members of gangs were illegally trading in foreign currency outside the scope of the banking market to achieve illegal profits. After legalizing the procedures, they were arrested in possession of various local and foreign currencies valued at approximately LE 43 million.

Also, the Public Security Sector, in cooperation with the General Administration for Combating Public Money Crimes and the Security Directorates, succeeded in seizing 17 cases of trafficking in various “local and foreign” currencies with a financial value estimated at approximately LE16.7 million.

The Ministry of Interior was then able to seize 21 cases of different local and foreign currencies with a financial value estimated at LE15.5 million. Later, the Ministry of Interior revealed another 26 cases of different local and foreign currencies with a financial value estimated at LE14.5 million.

Also, the Information and investigations by the security services in the Cairo Security Directorate confirmed that members of a gang were illegally trading in foreign currency outside the scope of the banking market to achieve illegal profits. Following their arrest, they were found in possession of “several gold bullions, sums of money: approximately $157.000- 20.000 euros - 1,300 Kuwaiti dinars - 7 thousand Saudi riyals – LE 1 million.”

The security services seized 31 other cases with a financial value of “LE 15 million- $ 389.000 – 55.000 euros - 1500 British pounds - 8300 Saudi riyals.”