Notorious conman reveals holes in Egyptian investment market

Prosecution investigations revealed that a notorious conman, known as Al-Mestarayah, has only EGP 7m in six Egyptian banks, contrary to the EGP 300m that he has allegedly seized from depositors.

He had promised an 11% interest rate to depositors, but has ceased paying the profits since the start of 2015. Citizens who gave him the money through delegates raised lawsuits accusing him of defrauding them.

Ahmed Mostafa, also known as “Al-Mestarayah”, is 32 years old , was born in the Qena governorate, and has seized approximately EGP 300m from citizens in Upper Egypt, and alleged employing and investing this money in the fields of trading prepaid mobile phone cards and real estate investments.

Al-Mestarayah recruited 100 delegates to collect the money, in return for 20% of the collected money.