ACA arrests 23 gang members accused of trading in foreign exchange illegally

CAIRO - 26 March 2019: Egypt’s Administrative Control Authority (ACA) along with the interior ministry succeeded in arresting an illegal formation specialized in foreign exchange trading outside the legalized banking market.

In a Tuesday statement, ACA affirmed that the 23 gang members have been trading illegally with the foreign currencies in an obvious violation of the law of the Central Bank and the banking system.


ACA arrests 23 gang members accused of trading in foreign exchange illegally - Press Photo


ACA explained that the gang activities extended in more than one governorate, including Cairo, Giza, Sharqia and Dakahlia governorates. The volume of the gang’s illegal transactions exceeded LE 100 million, according to the statement.

The gang also managed to make several illegal transactions outside the country, estimated at LE 20 million. The gang aimed at changing the Foreign exchange rates inside the Egyptian markets. Other defendants involved with the gang expected to be arrested soon by the ministry, according to the statement.




ACA arrests 23 gang members accused of trading in foreign exchange illegally - Press Photo