Public funds prosecutors arrested a university student in Sohag on Tuesday for collaborating with another individual to illegally trade in a foreign currency using the savings of Egyptian expatriates.
The two have traded an equivalent sum of LE1.5 million in one year, according to investigators.
The two suspects in the case — one with an industrial diploma and the other a university student in Sohag — collected the savings of Egyptians working abroad in an Arab country.
They then sold the foreign currency they collected to traders and importers in return for a two percent commission.
Under Egyptian law, only banks and licensed currency exchange offices are authorized to trade in foreign currencies.
After the student was arrested, he confessed to taking part in the currency exchange scheme with the other suspect.
Edited translation from Al-Masry Al-Youm
