Parliament demands action against online fraud following FBC platform scam

CAIRO – 26 February 2025: In the wake of the FBC platform scandal, which saw numerous citizens defrauded of their money, the Egyptian Parliament has issued a formal request for information demanding immediate action to combat the growing problem of online fraud.

Member of Parliament, Mohamed Zein El-Din, highlighted the recent security announcement detailing complaints from 101 citizens who were victims of an online platform called "FBC." The platform allegedly deceived individuals into investing in software and electronic marketing, promising substantial financial returns. However, it turned out to be a fraudulent scheme, resulting in losses of approximately 2 million Egyptian pounds.

Investigations revealed that a criminal network, led by three foreign nationals residing in Egypt and connected to an international network, was responsible for the fraud. They established a company in Cairo with the help of 11 individuals, who promoted the platform on social media and WhatsApp in exchange for commissions. They also provided mobile phone lines with fake data to facilitate the transfer of stolen funds. The platform and company were subsequently shut down.

MP Zein El-Din emphasized that the FBC incident is not an isolated case and underscores the need for stronger regulatory oversight to address online fraud. He pointed out the lack of effective measures to counter such fraudulent platforms and applications.

He referred to a previous proposal he submitted to amend Law 175 of 2018 on Combating Information Technology Crimes, aimed at tackling online scams and imposing stricter penalties for fraud involving modern technology. The proposal was discussed in the Parliamentary Communications Committee in December but was postponed pending the government's own draft law.

The committee urged the government to expedite the submission of its draft law, as Parliament has been awaiting these amendments since 2019.

MP Zein El-Din stressed the urgent need to toughen penalties and enhance the role of regulatory bodies in combating online fraud. He called on the Ministry of Communications and Information Technology to activate its agencies and protect citizens from falling victim to fraudulent platforms and applications.