In a significant operation led by the Barka Police Center in Benghazi, four Egyptian nationals were apprehended for their alleged involvement in unauthorised foreign currency trading. They were reportedly secretly operating within a grocery store.
The arrest took place after the intelligence unit of the Barka Police Center received a tip. The center’s chief, Brigadier Tariq Najm immediately ordered a thorough investigation, and the apprehension of the suspects.
A team led by First Lieutenant, Hani Al-Maghribi visited the grocery store, and successfully detained the four Egyptians. A significant amount of Egyptian and Libyan currency was discovered on their persons, and they were subsequently taken to the police center for further questioning.
Upon interrogation, the suspects confessed to trading currency, and revealed their plans to transfer the funds to Egypt. A precautionary search of their mobile phones also unveiled images of foreign currencies, including Euros and Dollars, and evidence of dealings with several individuals related to currency sales.
All necessary legal actions have been initiated against the detainees, and they are now facing prosecution.
In July, investigations into digital currency encryption cases in Libya have revealed money laundering operations conducted outside official channels, sources at the Libyan Public Prosecution told Al-Araby Al-Jadeed newspaper.
The sources, who requested anonymity, stated that “mining operations were carried out through unlawful means, and the proceeds were invested both domestically and internationally.” Investigations are still ongoing in the incidents.
Security forces in western Libya have carried out campaigns against sites used for digital currency mining, which the Central Bank of Libya (CBL) has banned, since 2018.
Recently, the General Administration of Security Operations, under the Ministry of Interior, arrested a number of Chinese nationals and seized equipment used for mining digital currencies. This was during an inspection of a site used for metal smelting in Zliten.
The Attorney General’s office also announced the discovery of several sites used for digital currency mining in Tripoli and Misrata, and the arrest of ten Chinese expatriates at a site in Misrata.
The CBL has prohibited the use of digital currencies such as Bitcoin and Ethereum, warning citizens of the security and economic risks of trading in these currencies.