The Egyptian Ministry of Interior announced on Monday 24 February the arrest of 13 individuals involved in a large-scale online fraud scheme linked to the FBC platform (Financial Business Community). The FBC platform is an online investment scheme that falsely claimed to offer substantial returns through activities like watching videos and completing tasks. It utilizes a pyramid-like referral system to lure users, relying on funds from new investors to pay earlier ones. This platform deceived over 100 victims and misappropriated nearly EGP 2 million (USD 40,000). The ministry reported that complaints from citizens began pouring in on 22 February. Victims were lured into investing their money under the pretense of earning high returns through software development and digital marketing. However, these promises were nothing more than a facade, with the suspects operating as part of a broader international crime syndicate. Investigations disclosed that the gang was led by three foreign nationals currently residing in Egypt, who coordinated with 11 accomplices to establish a front company in Cairo. The group effectively promoted the FBC platform through social media and messaging applications by offering financial commissions toContinue reading "Egyptian Authorities Uncover Online Fraud Scheme Linked to FBC Platform"
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