Egypt.. thwarting a major gold smuggling attempt

The agencies of the Ministry of Interior in Egypt succeeded in controlling a network for transferring money outside the banking scope and smuggling gold.

The security services of the Assiut Security Directorate managed to seize 3 people, residing in the Dairout Police Station, in possession of a sum of 5 million and 632 thousand pounds, as soon as they were traveling in a car.

Confronting them, they admitted that they formed a gang whose criminal activity specialized in trading in foreign exchange outside the scope of the banking market, in partnership with 5 people, two of whom had criminal information - three of them residing outside the country - as they collected the savings of workers abroad and re-sent them to their families inside the country by illegal means, which is known as With the “clearing” system, bringing gold bullion from a country and reselling it to gold dealers through the owner of a jewelry store - one of the elements of the formation - and using the sale proceeds to pay the remittances of Egyptians abroad and benefit from the difference in the buying and selling prices.

By codifying the procedures, in coordination with the Cairo and Sohag Security Directorates, 2 members of the formation were seized, and they were in possession of (a sum of money 7.7 million pounds, 6 "smuggled" gold bars weighing 3,450 kilograms, and the papers and documents indicating that).

By confronting them, they confessed to their criminal activity with the rest of the defendants.

This comes within the framework of the Ministry of Interior's efforts to combat crime in all its forms, especially crimes of illegal trade in foreign exchange.

Legal measures were taken regarding the incident, and it was referred to the Public Prosecution Office for investigations.

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