A new scheme has defrauded around 70,000 Egyptian subscribers, according to a preliminary count of the victims, through an online platform that utilized football betting to obtain depositors' funds and generate financial profits. The platform, named "sgo," requested interested individuals to transfer money to specific financial wallet accounts, enticing them with promises of "more money" later by participating in viewing certain matches. Initially, it did send nominal earnings to the depositors. However, after collecting larger amounts from them, the platform was shut down without responding to depositors' inquiries.
Young Egyptian victims have filed complaints with the relevant authorities against the platform, asserting that it is a fraudulent company formed by a group of individuals specializing in online scams. They reported that the company replicated incidents similar to those experienced with previous platforms like "Hog Bull." The victimized youth revealed that the platform emerged in India in December 2022 and remained operational until May 2023 under the name "Jef Football," marketing itself as "a company for investing in online sports events and winning bets that never lose." It had a website and an application.
They added that it appeared in Egypt on June 16, 2023, and created special groups on the Telegram app that included hundreds of thousands of members. The youth stated, according to their complaints, that the company conducted investment lectures, provided documents verifying its status as a registered company, and showcased its future plans and charitable activities conducted by the agents and platform members. They noted that the company created an application that could be downloaded on phones to enable young people to participate in its projects.
