Egypt's Ministry of Interior exposes LE 47 M money laundering cases

CAIRO - 20 November 2024: The Egyptian General Administration for Combating Economic Crimes has taken legal action against two individuals involved in separate money laundering schemes, with a combined value of approximately 47 million Egyptian pounds.

In the first case, an employee of a company was found to have engaged in illicit activities, including embezzlement, and subsequently laundered the proceeds by purchasing real estate and vehicles. The estimated value of the illicit funds involved in this case is approximately 28 million Egyptian pounds.

In a separate incident, another individual with a criminal record was accused of defrauding citizens through impersonation and then laundering the proceeds of these fraudulent activities. This individual allegedly laundered approximately 19 million Egyptian pounds by purchasing properties and establishing companies.