Egypt’s Administrative Control Authority (ACA) said a criminal gang of nine people were arrested over foreign currency crimes, a statement by the ACA said.
The ACA said the gang members were involved in illegal dealing in foreign currencies.
The gang used forged documents issued by foreign companies to purchase goods with foreign currencies. The purchased goods are worth huge sum of money, the ACA noted.
The gang also used forged writings by the Tax Authority stipulating the delivery of these commodities; thus enabling them to smuggle the foreign banknotes abroad, mainly Turkey, the statement added.
Since the 2016 floatation of the Egyptian pound, Egypt has cracked down on illegal foreign currency dealers trading in the black market.