Egyptian swindler faces charges

Cairo: An Egyptian businessman, who has allegedly bilked people in Egypt and the United Arab Emirates out of more than $200 million, is unlikely to be handed over to in Cairo any time soon, according to legal sources here.

Nabil al-Bushi, arrested in Dubai over bouncy cheques, is wanted in Egypt to face accusations that he has swindled scores of people out of their money.

"Al Bushi is under arrest in Dubai for issuing four dud cheques, and he will not be handed over to Egypt before these disputes are resolved and the judicial authorities there approve his extradition," an Egyptian legal source added on condition of anonymity.

Earlier this month, Egypt's Chief Prosecutor Mahmoud Abdel Majuid officially asked the UAE authorities to hand over al-Bushi to be questioned in Cairo over alleged fraud. "After his (al-Bushi's) problems are settled in the UAE, we expect him to be handed over to Egypt in view of the excellent legal cooperation between the two countries," added the source. "We maintain contacts with them on the issue."

More than 40 Egyptians, including businessmen, celebrities and footballers, have filed complaints to the authorities saying that al-Bushi, 45, got their money allegedly to invest in stocks in return for high profits, but he defaulted on repaying them.

Meanwhile, Maher Iskander, a lawyer for al-Bushi has said that the Egyptian judicial system is not eligible to prosecute his client. "The company involved in the case is a British firm called Optima Global Holding, which is based in England, not in Cairo," Iskander said in press remarks published this week. "Al Bushi was arrested in Dubai in a case of cheques, not on charges of fraud. And customers, who claim he has conned them, have in fact got four times as much as their received money in profits."

A Cairo court this week approved an order from the authorities to freeze the assets of al-Bushi, his partner Fekri Badr and their families.