Massive Financial Scandal in Egypt: FBC Investment Platform Vanishes with $6 Billion
Thousands of Investors Defrauded as Online Platform Disappears Amid Hacking Claims.
Watan-Egypt witnessed a massive financial scandal following the disappearance of the FBC online platform, which seized nearly $6 billion from investors before abruptly shutting down without prior warning. The platform, which emerged a year ago, marketed itself as a lucrative investment opportunity and lured thousands of Egyptians with promises of quick profits through an investment subscription system.
Users were offered various investment packages that supposedly yielded high returns, enticing them to pour their money into the platform. The operation continued until the platform suddenly announced that it had been subjected to a “hacking attack,” leading to a halt in withdrawals. This announcement quickly raised suspicions among investors, who found themselves unable to recover their funds, prompting thousands to file official complaints with Egyptian authorities.
Egyptian security investigations uncovered a criminal network behind the platform, led by three foreign nationals who managed the fraudulent scheme in collaboration with 11 Egyptians. The suspects had established a company in Cairo to promote the platform through social media, exploiting public trust to lure victims into the scam.
The surprises did not stop there. It was revealed that the platform had leaked user data and phone records, raising concerns about the potential misuse of this information for further fraudulent activities. So far, the true owner of the platform remains unknown, and the stolen funds have not been recovered, leading to numerous questions about the possible involvement of international entities in the scheme.
This incident comes amid a surge in financial cybercrimes in Egypt, sounding the alarm on the urgent need for stricter oversight of unlicensed investment platforms and better protection for citizens against digital fraud schemes.
