Egyptian authorities have received a formal report accusing former national football team player Ahmed Ali, also known as “Ali Ghazal,” of fraud totaling 7.3 million Egyptian pounds.
The report, filed with police, details allegations that Ali Ghazal, along with an unnamed partner, orchestrated a financial scheme under the guise of a business named “Global Trade and Export Group.”
According to the complaint, Ali and his partner allegedly encouraged clients to invest funds in their company, claiming it would yield monthly returns from profitable commercial activities.
The report states that the duo initially distributed dividends to build investor confidence, only to halt payments abruptly in December 2022.
The plaintiff alleges that when clients began requesting their original investments back, Ali provided them with cheques.
However, he reportedly reclaimed the cheques, attributing their validity to his partner, who was said to be responsible for signing them.
Additionally, the plaintiff claims that the partner collected cheques from investors and issued new ones, only for both accused parties to subsequently refuse repayment.
In a detailed account, the complainant recounted visiting the company’s registered address in New Cairo’s Fifth Settlement area, specifically in the prominent 90th Northern Corridor, to demand the owed money.
However, he found the company premises closed and liquidation notices posted, leaving him unable to contact either Ali Ghazal or his business partner.
This case has raised significant attention in Egypt, with many looking to authorities for swift action as they continue their investigation into these serious allegations against the former footballer and his business associate.
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