Renowned Restaurateur Sabhi Kaber Shares His Ordeal of a Fraudulent Deal Gone Wrong
In a live interview with Masrawy, famous Egyptian restaurateur Sabhi Kaber revealed that he had fallen victim to a major scam, involving a failed import deal of yellow corn from Ukraine. The deal, pitched to him by a man claiming to have insider knowledge of rising prices due to the ongoing war between Russia and Ukraine, led to significant financial loss.
The Deception
According to Sabhi Kaber, the fraudulent individual convinced him to invest in the corn import, claiming prices would skyrocket due to the conflict in Ukraine. Trusting the opportunity, Kaber began to raise the required funds. He resorted to selling his wife’s gold, among other efforts, and secured an additional investment of 75 million EGP from a business partner. In total, Kaber invested 200 million EGP into the deal.
The Aftermath
Unfortunately, the supposed deal never materialized. Kaber shared, “I gave the man 200 million pounds to buy the corn, but he took the money and disappeared.” He added that only a sample of the supposed shipment arrived, which contained cement instead of corn.
Despite multiple attempts to reach the scammer, including learning that the fraudster had traveled to the UAE several times, Kaber was unable to track him down or recover his lost funds.
Additional Challenges
As if the fraudulent deal wasn’t enough, Kaber’s financial struggles were compounded when his famous restaurant burned down. This incident forced him to spend a considerable amount of money on renovation, further impacting his financial situation.
Selling His Restaurant
In January of the previous year, Sabhi Kaber made the difficult decision to sell the restaurant, including the land and building. However, he emphasized that while the physical assets were sold, he retained ownership of the brand name and the restaurant’s Facebook page. He assured his followers that, although the physical establishment had been sold, the brand still remains under his control.
Finally
Sabhi Kaber’s story highlights the vulnerabilities business owners may face when entering unfamiliar markets. Despite the immense setback from the scam and the fire, he remains resilient and continues to hold onto the value of his brand.
