File Photo: Money. Photo: AFP
According to the prosecution’s statement, the suspects include 12 Egyptians, one Chinese, and one Japanese. Investigations revealed four of them had appeared in promotional videos for the FBC platform.
The prosecution also seized around EGP 1 million in cash and several mobile phones, computers used to manage the platform, and 1,135 SIM cards prepared for activating digital wallets to receive funds.
Additionally, the prosecution seized the suspects' assets and directed the Egyptian Computer Emergency Readiness Team (EG-CERT) to examine the seized devices and analyze the platform's website link.
The prosecution also tasked law enforcement authorities to arrest the remaining fugitives, with investigations ongoing.
According to the prosecution's statement, 310 citizens have filed complaints, with reported losses exceeding EGP 8.2 million – a figure significantly higher than initial estimates.
Through its investigations, the prosecution confirmed that the platform’s administrators had collected funds from citizens through digital wallets.
It identified those administrators and some of these digital wallets’ numbers and ordered the seizure of the transferred funds.
Additionally, the prosecution reviewed circulating promotional social media videos for the platform and identified the individuals who appeared in them.
The platform administrators claimed that a cyberattack rendered the service inoperable and that they had reported the incident to the EG-CERT.
However, this claim was denied by the National Telecom Regulatory Authority (NTRA).
On Monday, the Ministry of Interior arrested 13 suspects involved in the incident.
The FBC fraud scheme is an online scam that has deceived Egyptians by promising quick profits through fake investment opportunities.
The platform claimed to be a licensed international entity. To attract investors, it used social media and a "pyramid-style referral system."
The FBC scam is part of a larger trend of online fraud schemes that have emerged globally.
Notable cases include the White Sands scam in 2022, which deceived millions of Egyptians, and HoggPool in 2023, which defrauded victims of billions.
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