ALBAWABA – Egyptian authorities have revealed what is reportedly the country’s biggest bust of a money laundering operation of 900 million Egyptian Pounds (~$18.7 million), with 8 suspects arrested.
In a statement made by the Ministry of Interior, which is in charge of Egypt's law enforcement, authorities said that the bust comes “as a continuation of the efforts of the Ministry of Interior’s agencies aimed at combating money laundering crimes, tracking the wealth of those with criminal activities, inventorying and monitoring their property, and taking legal measures against them.”
The General Administration for Combating Narcotics has worked with sector of combating drugs, unlicensed weapons and ammunition, in coordination with the relevant security services, to take down 8 ‘criminal elements’, two of whom the statement notes to have criminal record and residing in Dakahlia and Cairo governorates.
The suspects have been arrested for allegedly laundering money obtained from practicing a specialized criminal activity that includes “the trafficking and promotion of narcotic substances” and their attempts to falsify the source of their funds to appear legitimate.
The funds were laundered, according to the statement, through the establishment of commercial activities, real estate purchases, agricultural lands, and cars, with a total estimation of approximately 900 million Egyptian Pounds (~$18.7 million).
Ministry of Interior notes that appropriate legal actions have been taken against the actors in custody.
