VSA defrauds thousands of victims in Egypt
VSA defrauds thousands of victims in Egypt, stealing 3 billion Egyptian pounds
Cyber fraud has escalated in Egypt, with successive investigations and security operations revealing hundreds of victims falling victim to the VSA platform. VSA is a digital investment platform that claimed to offer investment opportunities in gold, real estate, and bank certificates, before suddenly disappearing.
The digital platform recently appeared on the Egyptian scene, presenting itself as a promising investment vehicle that allows its users to make quick profits through simple digital tasks, including watching videos or inviting friends to join. The platform claimed to have headquarters in all Egyptian governorates and to operate under official legal cover.
How did the story begin?
Initially, VSA succeeded in gaining the trust of hundreds of citizens through intensive advertising campaigns on social media, supported by reassuring messages from "managers" and "technical support," claiming that users would achieve guaranteed daily profits.
Gradually, the platform began reducing the tasks assigned to users, then imposed restrictions on withdrawals, leading to a complete shutdown and cessation of communication. In July 2025, dozens of users began posting distress calls through their personal accounts, and a large number of them filed official reports with the Internet Investigations Department.
Victims' Reports and Testimonies
One victim, Mohamed Ismail from Tanta, told Al-Ain Al-Akhbariya that the platform asked him to perform simple digital tasks, with the promise of daily profits. However, he was surprised when withdrawals were stopped and a payment of EGP 2,000 was requested to unblock his account.
For his part, Ibrahim Abdel Fattah, another user, confirmed that his group of 13 people lost approximately EGP 44,000, noting that their last communication with the platform was conditional upon a new payment. Magda Abdullah, another victim, confirmed that VSA administrators misled victims into believing they had official headquarters and administrative supervisors, only to later discover that this was all an illusion.
Threatening Messages
Despite the closure, the platform continues to send threatening messages to its long-standing users. One of these messages reads: "If you do not confirm your identity by July 11, 2025, your account will be completely deleted and your balance will be lost." Victims confirmed that these messages are just another attempt to deceive victims.
Similarity to the global FBC platform
The incident brought to mind the FBC scandal, which defrauded more than a million people worldwide, resulting in losses estimated at $6 billion. The platform initially allowed profits, but then gradually blocked withdrawals, claiming it had been hacked. Five victims filed official complaints with the Giza Security Directorate against FBC, and Giza Investigations conducted extensive investigations following a conference the company held on the Nile Corniche.
Security Measures
Egyptian security agencies are currently monitoring reports from victims of the VSA platform. Security sources confirmed that investigations are underway to track down and identify the platform's administrators, especially after reports confirmed that the platform had stolen approximately 3 billion Egyptian pounds.
The competent authorities are conducting a comprehensive examination of the posts and messages circulating online, in preparation for taking the necessary legal action against those involved. Cybersecurity experts have urged caution regarding digital platforms that promise unreasonable profits without providing licensing papers or official identification, emphasizing that any digital investment must be subject to financial oversight and authorized by trusted authorities.
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