Confiscated money - Egypt Today Confiscated money - Egypt Today

55 financial fraud cases worth LE200M unravel in 1 month

Mon, Jul. 15, 2019
CAIRO - 15 July 2019: The General Administration of Public Money Investigations cracked in one month 55 financial fraud cases worth LE200 million and 3million of foreign currencies, mainly dollars and euros.

The crimes varied from bribery and administrative corruption to illegal currency trade, money laundering and tariff evasion.

The lawsuits include 25 illegal currency trade and smuggling cases worth LE67 million and 3 million of foreign currencies, particularly dollars and euros. The perpetrators were involved in currency trading on the black market, collecting expats’ remittances and delivering their equivalent to their families in Egypt while using the money in Forex trading.

Twenty-seven cases classified as bribery and administrative corruption worth LE118 million were unraveled. The number of tax and tariff evasion cases is 5,094. The value of those is LE8 billion. The breakdown is 857 income tax evasion cases worth LE6 billion and 500 VAT evasion cases worth LE2 billion.

Furthermore, 90 businesses operating in the informal sectors have been registered so they would be taxed.

The police confiscated smuggled cigarettes, vehicles and other goods filing a total of 234 lawsuits. However, 196 of those were settled. Also, 733 out of 3,438 real estate tax evasion cases were settled.
 
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