Egyptian Police Arrest 29 in Largest Telecom Fraud Case, Defrauding Victims of 6 Billion EGP

In a major breakthrough, Egyptian authorities have apprehended 29 individuals, 13 of whom are foreign nationals, on allegations of involvement in the country’s biggest financial fraud.

The Hoogpool Application Scam

The suspects are accused of defrauding approximately 20 individuals to the tune of 6 billion Egyptian pounds (around 180 million euros), as announced by the Egyptian Interior Ministry. This fraud revolves around the Hoogpool application, targeted at investment and profits online.

Methods of Deception and Money Transfer

The money collected from the unsuspecting victims was used to acquire electronic wallets, making it challenging to trace these funds. Subsequently, the money was then transferred abroad and transformed into Bitcoin, essentially rendering the funds untraceable.

Seized Evidence

During the operation, law enforcement agencies seized numerous pieces of evidence. This includes:

95 mobile phones
3,367 mobile phone lines
Nine group messaging modems
Seven computers
39 computer monitors
Three cars
Foreign and local currencies worth approximately 600 Egyptian pounds (around 20 thousand euros)
41 credit cards from foreign banks

The Defendants’ Admission

An Interior Ministry spokesperson addressed the media, stating:

“The defendants admitted to forming an organized group targeting people seeking quick financial gains via the internet. They acquired victims’ money using 9,965 electronic wallets.”

Stay tuned to Nova News for the latest on financial crime in Egypt.