Egyptian security forces have arrested five gold market tycoons who contributed to the record prices of gold and the dollar, which has exceeded 68 pounds on the black market. Security forces raided the shops of these five individuals in the Hussein and Al-Gamaleya areas west of Cairo, conducting inspections that revealed serious violations regarding stamp duties, scales, and weights. Authorities are investigating to determine whether the confiscated quantities are legitimate or counterfeit.
According to security sources, intensive investigations are currently underway regarding five others operating in the gold market who have connections with the five detained individuals. These investigations aim to assess their ties with 'dahaba,' individuals who go on expeditions to mine raw gold in the Eastern Desert of Egypt and a neighboring country without authorization or approval from the competent authorities. Authorities are also probing connections between some businessmen and gold traders monopolizing its prices.
A few days ago, Egyptian authorities arrested a famous billionaire named "H.A." who is linked to a partnership with the "Gold Empire," previously arrested for violations leading to a rise in gold prices. It was found that the billionaire was involved in violations that caused gold prices to increase and that he stockpiled large quantities of gold to create a shortage in the market and inflate prices, in addition to possessing unmarked gold.
Authorities discovered 400 kilograms of gold inside the billionaire's home, and investigations revealed that he participates in managing a major investment and mining company for gold in one of the border provinces known for its gold mines.
Two weeks ago, Egyptian authorities dealt strong blows to gold speculators following an excessive increase in prices, which reached unprecedented record levels, causing the dollar to rise significantly against the Egyptian pound in the black market as they set gold prices in foreign currency.
Authorities arrested the renowned "Gold Emperor" known as "R.A.", revealing that he owns numerous gold shops across all provinces in Egypt and has established a market-like pricing mechanism for gold, which reached more than 3700 pounds per gram. Based on the price he sets, he extorts other traders across the country.
It was found that the emperor adjusted the price per gram according to the dollar rate on the black market, significantly impacting the prices of both the dollar and gold in Egyptian markets to record levels.
Security forces discovered substantial quantities of raw gold, amounting to 165 kilograms, and large sums of foreign currency in the "emperor's" shops. Additionally, authorities detained several foreigners residing in the Imbaba area of Giza province who were working for several major speculators, including the Gold Emperor, in possession of large amounts of unmarked gold and significant quantities of dollars. During questioning, these individuals confessed to the ownership of the seized quantities by the arrested Gold Emperor as well as other major traders from Aswan province in southern Egypt, all of whom were targeted and apprehended.
