Sunday 23/November/2025 – 03:07 PM
The Cairo Economic Court sentenced defendants to 7 years in prison for two defendants and 3 years for the third defendant in the Silwana Diamond Company incident, accusing them of defrauding a number of citizens and seizing about 33 million pounds.
7 years imprisonment for those accused of seizing money from Silwana Diamond Company
The investigating authorities of the Economic Affairs and Money Laundering Prosecution referred the three defendants to trial in Case No. 154 of 2025, on charges of receiving money from citizens for allegedly investing it in the fields of fish farming and animal and agricultural production without a license from the competent authorities.
The referral order stated that the accused are Firas. M, and Sameh. S., and Muhammad. A, and that they are in the Agouza District Department in Giza Governorate, and during the year 2023 and before, they invited the public via a website and social networking sites to collect funds on the pretext of investing them in fish and livestock development projects through the Silwana Diamond Company, in the event that they are not owners of joint-stock companies that offer their shares for public subscription and that are licensed to receive funds for investment and investment and that are registered in the register prepared for that purpose by the General Authority for Financial Supervision, and after implementing the provisions of the Companies Law operating in The scope of receiving funds for investment issued by Law No. 146 of 1988.
The referral order for the defendants at the Silwana Diamond Company added that they received funds from the public amounting to a total of 33.6 million Egyptian pounds, equivalent to 307 thousand euros, to be used and invested in a platform for fish farming and livestock development through the Silwana Diamond Company in return for a periodic return paid at different values as indicated in the investigations. The defendants’ referral order also stated that they refrained from returning the financial amounts subject to the previous accusation and due to their owners from the public.
