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Egypt arrests suspects worth $11m on money laundering charges

Egyptian notes [Kokillennium/Flickr]
Egyptian notes [Kokillennium/Flickr]

Twenty-five suspects with an estimated combined wealth of 223 million Egyptian pounds ($11.4 million) has been arrested in Egypt as officials clamp down on those thought to be money laundering or trading in foreign currency outside the official channels.

The suspects were held on suspicion of counterfeiting Egyptian currency, bribery, corruption and embezzlement.

READ: Egypt court acquits Hussein Salem of money laundering

Police also announced the arrest of eight persons for illicit foreign exchange trade through money transfers.

Egypt has suffered an economic crisis since the former defence minister orchestrated a coup and took control of the country in 2013. Since then measures have been taken to reduce government subsidies and increase taxes in an effort to appease the International Monetary Fund and attain a $12 billion loan.

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