Federation of Egyptian Banks denies links to GRA platform

In a statement, the FDE stressed that the GRA has no ties to banks in the country regulated and supervised by the Central Bank of Egypt (CBE).  

Additionally, the FDE clarified that the CBE has not issued licenses for such platforms and confirmed that no bank accounts are registered under the GRA name in Egyptian banks.

The FDE urged the public to engage only with licensed banks and financial institutions operating in Egypt under the CBE’s authority.

The GRA platform is part of a larger trend of online fraud schemes that have emerged recently. 

Earlier Thursday, the Public Prosecution ordered a four-day detention of 14 suspects involved in an online fraud scheme linked to the FBC platform.

The FBC fraud scheme is an online scam that has deceived hundreds of Egyptians by promising quick profits through fake investment opportunities. 

Notable cases include the White Sands scam in 2022 and the HoggPool scam in 2023, which defrauded billions of investors through fraudulent investment schemes.