As part of the Egyptian government's efforts to regulate the exchange market and eliminate speculation that has led to the dollar surging past 70 pounds in the black market recently, security agencies managed to arrest a businessman and his brother who were in possession of half a million dollars, along with Israeli shekels, following information about their illegal foreign currency trading, according to Egyptian media reports today, Monday.
Investigations by the General Administration for Combating Economic Crimes confirmed that "W.M.," the owner of an import-export company, and his brother, the company's manager, were involved in foreign currency trading and possessed amounts reaching approximately half a million dollars, 15 million Egyptian pounds, 55 thousand euros, and 2,000 Israeli shekels.
The businessman and his brother were apprehended in Cairo with 2,000 shekels and 10,000 Saudi riyals in their possession. The security agencies presented the individuals to the relevant public prosecution for investigation. Earlier today, the Ministry of Interior launched a significant security strike against elements of criminal gangs engaged in illicit trading, and after taking legal measures, they arrested them while holding various local and foreign currencies estimated to be worth around 43 million Egyptian pounds, with necessary legal actions taken against all suspects.
