The Egyptian Ministry of Interior announced the apprehension of the most dangerous criminal gang in the gold market, involved in illegal mining and violating regulations. In an official statement released today, the ministry revealed that a gang consisting of 11 individuals was arrested, four of whom had criminal records and resided in the Red Sea, Cairo, Qena, and Aswan governorates. They were reportedly melting and recalibrating raw gold extracted from illegal mining activities.
The ministry stated that after legal procedures were followed, the suspects were apprehended with 55 kilograms of quartz stones, 15.346 kilograms of gold (in ingots and jewelry), 282 grams of Chinese gold, 76 grams of silver, and 4 kilograms of copper ingots, along with several tools used for shaping, melting, and calibrating gold.
Additionally, the ministry confirmed the seizure of quantities of chemicals used in processing precious metals, a pickup truck, and both local and foreign currency amounts. Upon interrogation, the suspects confessed to engaging in their illicit activities.
The Ministry of Interior announced that the total value of the seized items amounted to approximately 97 million Egyptian pounds. The gold market in Egypt has recently experienced instability and significant price increases, forcing traders to halt buying and selling activities and freeze pricing, especially amid a surge in arrests of major traders and market moguls controlling prices, along with security raids on some of their shops.
