Egypt: Illegal bank transfers foiled, gold smuggling network caught

Image of Egyptian soldiers [Ashraf Amra/Apaimages]

The Egyptian authorities have arrested a gang that smuggles gold and illegally transfers money outside the banking system. Several of its members reside in the Assiut governorate, while the others are based abroad. According to a statement issued by the security services in the governorate, the three individuals arrested, who reside within the jurisdiction of the Dairout police station, were found in possession of 5.632 million Egyptian pounds (around $207,000) in their car. After being confronted, they admitted that they had formed a gang specialising in trading foreign currency outside the scope of the banking market, along with five other individuals, three of whom reside outside the country. READ: Report: Hamas rejects Egypt-brokered prisoner exchange deal The suspects explained that the […] Source

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