Egypt hit by a major scam worth hundreds of millions
The case reveals a widespread financial scam in Egypt involving the collection of hundreds of millions of citizens' funds through fake agricultural and livestock investments. These schemes were promoted via social media campaigns and television programs to build trust. The main suspect, Mohamed Sobhy Batata, along with a network of individuals, formed a fictitious company, then closed its offices and fled, despite prior cases related to unlicensed fundraising amounting to nearly 100 million pounds. Lawyer Aabid is calling on the prosecution to examine the documents and financial transfers that the suspects filmed during television interviews, and to verify whether these investments are illegal, amid repeated government warnings against dealing with unlicensed investment entities.
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