Three persons have been arrested for illegal trading in foreign currency.

The Public Funds Prosecution arrested Moataz A. H. and his sons Karim and Sherif - owners of an exchange company stripped of license - on charges of selling one million dollars at black market prices. 

Acting on a tip-off about illegal activities outside the exchange market, the prosecution arrested the three currency dealers for violating the law. 

All three have been practicing their illegal activities through their import and export company after their exchange firm was closed. 

They have been re-selling their export gains in foreign currency to importers at black market prices. 

Investigations revealed that the defendants had been planning to sell some one million dollars to another import and export company in Nozha district of Cairo at black market prices.

The plan was to dispatch three of their workers to finalize the deal, but the three were arrested with one million dollars in their possession, and later admitted to having received the money from the owners of the exchange firm.

They confessed that they had been on a mission to sell the dollars to the import and export company in Nozha.

All legal measures have been taken and the prosecution is conducting a probe.

Source: MENA