Egypt tries woman over Ponzi scheme

Hoda Abdel Moneim tried for fraud 22 years after fleeing country for Greece.

Abdel Moneim was tried in absentia in 1996 and sentenced to 64 years in prison [AFP]
Abdel Moneim was tried in absentia in 1996 and sentenced to 64 years in prison [AFP]

Abdel Mounim is said to have operated an investment company in Egypt which allegedly took money from investors and placed it in an Ponzi scheme – where new investors’ money is used to pay fake returns to older investors.

The charges were levelled against Abdel Moneim after she defaulted on bank loans and following complaints that she had not delivered property that she had sold.

Abdel Meguid Mahmud, the public prosecutor, ordered her retrial on Saturday.

Source : Al Jazeera, News Agencies

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