Reem Leila reports on the high profile case of an alleged trickster accused of swindling more than LE1 billion from unsuspecting citizens More than 200 citizens --including a minister's son -- are alleged to have been tricked by 35-year-old Islam Reda Gado, who fled last month to the United States and then Dubai, taking with him more than LE1 billion that he had persuaded unsuspecting individuals to give him on the pretext that he would invest it in mobile telephone businesses. Gado promised investors a monthly return of seven per cent, i.e. 84 per cent annually, at a time when banks offer interest of just 7.5 per cent on deposits. He was quickly dubbed the "Nasr City Rayan", a reference to the infamous 1990s' financial scam masterminded by Ahmed Fahmi El-Rayan. According to Ahmed Nasser, the prosecutor for public funds in Cairo, the prosecutor-general's office is currently investigating complaints filed by a number of people against Gado, "but we are not authorised to provide any further information". "No information will be provided to the press before the accused is tried," says Nasser, though this has not prevented widespread speculation in the media, with newspapers and satellite channels clamouring to report the story. On 28 February, Cairo Criminal Court froze the assets of Gado, his wife and daughters, pending investigation. The following day the prosecutor-general asked the governor of the Central Bank of Egypt and the Capital Market Authority to act to preserve liquidity. Nasser has summoned Bahaa Othman, son of the Minister of Economic Development Othman Mohamed Othman, for questioning after he was found to have signed documents suggesting he was acting as Gado's guarantor. Othman has told investigators that he, too, was a victim of Gado and not, as some have claimed, his partner. "I gave him more than LE300,000 to invest but he fled with the money," Othman told the press. There are reports that Othman actually gave Gado LE3 million. Othman's father has issued a press statement saying that his son was one of Gado's victims, and confirming that the two men were friends. Othman regreted that his son had been taken in by the alleged fraudster. Nasser insists that it is too early to assess the full legal implications of the case for Othman's son. "The public funds prosecution has not yet submitted the final investigation report to the General Prosecution regarding the incident," he says. Galal Shehata, who owns a computer store, said he gave Gado around LE5 million to invest, adding that he was convinced of the legitimacy of the investment because Gado was widely known to be "connected with some high profile people and the sons of some of the most prominent government officials and ministers. He was also known to be a very religious man who observed prayer times and strictly performs the hajj almost every year". In a phone interview conducted by Al-Ahram Weekly with another victim, a young man called Mahmoud, said that he gave "Nasr City Rayan" around LE1 million, collected from his own savings as well as four of his friends. "I have receipts that show he took this sum of money from me," says Mahmoud, who adds that he was never "100 per cent sure the man was not a thief". Mahmoud says he knew the investment was a risk yet this did not prevent him from handing over his savings to the accused. Both Shehata and Mahmoud say poor economic conditions and inflation persuaded them to become involved in the scheme with its promises of lucrative returns. Magdi Mahfouz, a lawyer representing 35 victims, including Bahaa Othman, told the Weekly that as soon as Gado is found guilty he will be arrested. "An arrest warrant will be issued and the help of Interpol in returning Gado to Egypt requested." If found guilty Gado could face up to 15 years in prison.