Authorities are interrogating a suspect involved in illegal foreign currency trading by purchasing foreign currency outside the banking market and at black market prices, violating the Central Bank law and outside authorized entities. The suspect’s transactions over the year exceeded nearly two million Egyptian pounds.

Initial information revealed that the suspect engaged in criminal activity specializing in illegal foreign currency trading outside the banking market and at black market prices by buying and accumulating foreign currencies from citizens, then reselling them and profiting from the price difference in violation of the law.

It was found that the suspect conducted a wide-scale criminal activity in foreign currency trading outside the banking market and at black market prices, especially buying US dollars and Saudi riyals from citizens, then exchanging them at banks for local currency while benefiting from the price difference for a 1% commission, which constitutes banking activity in violation of the law. He was caught dealing outside authorized banks with cash in his possession. A mobile phone was also seized containing many text messages and voice conversations indicating his illegal activity. When confronted, he admitted to the criminal activity.

Another individual was arrested for engaging in illegal foreign currency trading outside the banking market and at black market prices by buying foreign currencies from expatriates’ relatives at a price higher than the official exchange rate and reselling them to traders, importers, and tourism company owners at significantly higher black market prices, violating the law. After legal procedures, he was apprehended and admitted to the criminal activity.