Public Prosecutor orders detention of FBC platform suspects, freezing of assets

CAIRO – 27 February 2025: The Public Prosecution has ordered the pretrial detention of suspects involved in the FBC platform case for four days. Additionally, their assets have been frozen, and the seized electronic devices will be examined by the National Computer Emergency Response Center.

The Economic Affairs and Money Laundering Prosecution received multiple reports from the Interior Ministry’s Cybercrime Unit and the National Telecommunications Regulatory Authority (NTRA). So far, 310 victims have reported being deceived by the administrators of the FBC platform and app, who promised high returns on investments.

Victims discovered that their accounts, totaling approximately 8.22 million EGP, had been frozen. Soon after, the platform was shut down, with its operators claiming a cyberattack had disabled its operations. However, the NTRA denied any record of such an attack, prompting the Public Prosecution to launch an investigation.

The investigation confirmed that FBC administrators collected money from users under false pretenses. Officials identified those responsible and tracked down digital wallets where funds were transferred. Prosecutors ordered the freezing of these wallets and analyzed promotional videos used to lure investors.

Authorities arrested 12 Egyptian nationals, one Chinese suspect, and a Japanese suspect. Four of the detainees had appeared in promotional videos for the platform. Seized items included nearly 1 million EGP in cash, multiple smartphones, computers, and 1,135 SIM cards used to activate digital wallets for receiving funds.

The Public Prosecution ordered a full examination of seized devices, an analysis of the FBC website, and further investigations to track down remaining fugitives. Law enforcement agencies have been instructed to apprehend the remaining suspects as investigations continue.