In a significant legal development, Counselor Kamal Younes, representing victims of the collapsed investment scheme Star Capital, has filed an appeal to establish a dollar account in North Giza Court. This move aims to facilitate the transfer of $170 million from the convicted mastermind, Hani Lotfi Awad, to the defrauded investors.
Awad, the former owner of Star Capital Bank, was sentenced to 15 years in prison for defrauding thousands of Egyptians of over $420 million. Despite his imprisonment in Dubai, efforts are underway to recover the stolen funds.
Younes explained that the victims, including a group of 3,079 individuals, were lured by the promise of high returns on their investments. However, Awad and his associates defaulted on payments and disappeared, leaving investors without recourse.
The recent attempt to return the $170 million through a dollar account has faced bureaucratic hurdles. Younes has appealed to the Ministry of Justice to expedite the process, ensuring that the victims receive the compensation they deserve.
This case highlights the ongoing struggle of victims of financial fraud in Egypt. As legal proceedings continue, it remains to be seen whether justice will be served and the stolen funds will be returned to their rightful owners.