CAIRO: A man, who allegedly swindled over 13 million EGP ($1.6 m,) gave himself up to the police days after he returned from Saudi Arabia where he performed the pilgrimage rituals, Al-Ahram reported Thursday.
Mohamed Ragab, 32, turned himself in to the public funds investigation department in Upper Egypt’s governorate of Fayoum where he confessed to have collected large amounts of investment from locals in Fayoum and Damietta governorates with promised return rates higher than the banks.
He said that the returns he promised to give have attracted hundreds depositors.
The repentant swindler, who is a director of a construction materials company, said that “his conscience woke up after returning back from the blessed pilgrimage trip.”
The financial and public fund prosecutors have opened investigations into the fraud.