By: Yomna Walid
Imagine waking up to find your investment vanished overnight&mdash;along with the platform that promised you wealth.
That&rsquo;s exactly what happened to thousands of Egyptians who fell victim to the FBC online scam, a sophisticated financial trap that combined artificial intelligence, social engineering, and fake promises of high returns.
According to an official statement from the Egyptian Ministry of Interior, investigations revealed that 101 citizens reported being defrauded by an online platform called FBC between January 22, and the present date. The scam lured victims by claiming to invest their funds in software and digital marketing, promising sky-high returns. In reality, the platform served as a cover for a meticulously organized financial fraud syndicate.
Authorities discovered that three foreign nationals, residing in Egypt and connected to a global criminal network, were the masterminds behind the scam. They operated alongside eleven accomplices which established a fake company in Cairo, using social media and WhatsApp to attract unsuspecting investors. The fraudsters even secured multiple SIM cards under false identities to facilitate money transfers through electronic wallets. Once they had amassed enough funds, they shut down the platform and vanished.
Authorities arrested 13 suspects, seizing 1,135 SIM cards, multiple mobile devices, a laptop, and over 1.27 million EGP in cash. Upon interrogation, the suspects confessed orchestrating the scam.
<a href="https://ibb.co/FkQbrz9T"><img src="https://i.ibb.co/wZnNk4Tm/Whats-App-Image-2025-02-25-at-11-28-54-AM.jpg" alt="Whats-App-Image-2025-02-25-at-11-28-54-AM" border="0" /></a>&nbsp;
&nbsp;Expert Insight: AI and Fraud in the Digital Age
Dr. Abdel Wahab Al-Raie, a security expert and university professor, declared to Nile FM, the sophisticated tactics scammers employ to manipulate trust and exploit vulnerabilities &ldquo;A scammer starts by building trust, offering initial rewards to lure victims in&mdash;just like a photographer capturing their attention. But eventually, they set an excessive financial trap.&rdquo;
He also warned about AI&rsquo;s growing role in online fraud, stating: &ldquo;Artificial intelligence has made it easier for fraudsters to reach victims faster, which increases the risks.&rdquo;
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How to Protect Yourself: The Key to Intellectual Security
Dr. Al-Raie emphasized that scams succeed because fraudsters exploit psychological weaknesses, and he stated &ldquo;Fraud crimes work because scammers gain their victims&rsquo; trust by exploiting their lack of intellectual security. The more aware and intellectually secure a person is, the harder it is for scammers to manipulate them.&rdquo;
He stressed that public awareness is essential to prevent such crimes, urging the government and political organizations to launch educational initiatives to combat digital fraud.
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&nbsp;How the Scam Worked:
&nbsp;Stage 1: Building Trust
&nbsp;The fraudsters launched an app that promised easy money through simple online tasks&mdash;watching videos, sharing posts, and referring friends. Early investors saw quick returns, making small deposits of 300 EGP and doubling their money within days. This false sense of success encouraged them to invest larger sums.
Stage 2: Expanding the Network
Users were incentivized to recruit more participants in exchange for commission-based rewards. Some even believed they had found a foolproof investment strategy, pushing friends and family to join. The more people joined, the more the fraudsters profited&mdash;until the scheme collapsed.
How FBC Spread Like Wildfire&mdash;And Fooled a Nation
The fraudsters aggressively marketed FBC in cities like Mahalla, Tanta, and Samanoud, using elaborate promotional tactics:
Hosting lavish banquets and charity events Distributing branded gifts like washing machines and mugs Dressing employees in company-branded uniforms Enlisting religious figures to unknowingly endorse the scheme The result? Over one million Egyptians poured billions into the scam within just one month&mdash;only for FBC to disappear overnight.
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From Riches to Ruin: The Aftermath of the FBC Scam
When the FBC platform shut down, victims faced financial ruin. Some had invested their life savings, sold property, or pawned valuables. One desperate man even sold his Buffalo to increase his investment.
Lawyers representing victims revealed the tragedy extended beyond financial loss&mdash;some victims took their own lives. Others faced divorce and social isolation after pushing family members to invest.
The Last Dinner: The Criminal Network&rsquo;s Final Meeting
Egypt&rsquo;s Financial and Cybercrime Investigations Unit received 50 new reports this morning, raising the total number of complaints to 151 against the fraudulent platform FBC.
Investigations uncovered that FBC was masterminded by three foreign nationals residing in Egypt, all involved in international financial fraud. These individuals arrived in Cairo and held a meeting with around 20 people at a hotel, where they discussed launching the company and expanding the scam via social media and WhatsApp, in exchange for commissions.
During this gathering, they enjoyed what would later be called &ldquo;the last dinner.&rdquo; A video of the event circulated widely online, unknowingly documenting the final moments before law enforcement intervened.
Shortly after, Authorities apprehended 13 individuals linked to the criminal syndicate, while several others remain at large. Investigations revealed that 151 victims lost more than 3 million Egyptian pounds to the scam, and security forces continue to pursue the fugitive members.
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Final Warning: Stay Vigilant
The Egyptian Ministry of Interior urges citizens to avoid engaging with unverified online platforms promising rapid financial gains. If an investment sounds too good to be true it probably is.
The FBC scam serves as a chilling reminder of how trust, technology, and financial desperation can be exploited in the digital age. Awareness, caution, and intellectual security remain the strongest defenses against fraud.
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