According to the Al-Masry Al-Youm newspaper, the Egyptian prosecutor’s office issued an arrest warrant for a man accused of defrauding 400 citizens and confiscating more than one billion pounds.
The newspaper wrote: The defendant works as the deputy director of a real estate development company in the North Coast, which in 2016 deceived citizens into having residential units and villas in one of the tourist villages in installments.
In 2017, buyers were surprised that the project was just a fence, and no serious action was taken to implement the projects.
“The incident started in 2016, after the president inaugurated Al-Jarawala Road, and many companies started building new tourist villages in the area,” Raymond Maher, one of the victims, told the newspaper. The company started. Marketing for his project on the North Coast, claiming that businessmen and ministers have units and villas in the village, which encouraged more than 400 people to buy the unit.
In recent weeks, the arrest of fraudsters who stole citizens’ money after being tempted to make quick profits has spread in Egypt.
According to local newspapers, on Saturday, security services arrested a man accused of swindling and confiscating 30 million Egyptian pounds from citizens who claimed to be real estate investors in exchange for their monthly agreed interest.
The accused confessed to swindling citizens, stealing their money and fleeing after being arrested, and legal action was taken.
Source: Lebanon Debate
