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 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 and agencies


    YOU MIGHT ALSO LIKE

    Learn what India's parties' symbols mean by drawing them

    Learn what India's parties' symbols mean by drawing them

    More than 2,300 political parties have registered for the largest electoral exercise in the world.

    Visualising every Saudi coalition air raid on Yemen

    Visualising every Saudi coalition air raid on Yemen

    Since March 2015, Saudi Arabia and a coalition of Arab states have launched more than 19,278 air raids across Yemen.

    Why did Bush go to war in Iraq?

    Why did Bush go to war in Iraq?

    No, it wasn't because of WMDs, democracy or Iraqi oil. The real reason is much more sinister than that.