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 to individuals who helped recruit new users.
They also created fake identities to register mobile phone lines used to activate digital wallets for receiving and transferring the stolen funds.
Upon their arrest, the suspects were found with numerous mobile phones, 1,135 SIM cards, a laptop, and cash totaling approximately EGP 1.27 million (USD 25,000).
The FBC platform presented itself as an enticing opportunity, claiming to allow users to earn money simply by engaging in online tasks like watching videos. With clever marketing and fabricated testimonials, it created an illusion of legitimacy to draw in individuals desperate for financial security.
As the scheme unraveled, many victims found themselves in dire situations, having sold assets or taken out loans to invest in FBC, believing it to be a legitimate opportunity.
The Ministry of Interior has issued a stern warning to the public about the risks associated with unverified online platforms promising quick financial gains.
Citizens are urged to remain cautious and skeptical of such schemes, as they can lead to substantial financial losses according to The Ministry of Interior.
