The Federal First Instance Court in Addis Ababa has granted the prosecution a seven-day window to file formal charges against a group of prominent artists and TikTok influencers suspected of involvement in a massive 'Fintech Investment' fraud scheme.
During the court session held on Monday, April 29, 2026 (Miazia 21, 2018 E.C.), investigating police officers confirmed they had finalized their investigation and handed over the case file to the prosecutor's office. The scale of the investigation is significant, with the prosecution revealing that the case file spans over 7,000 pages of evidence.
According to the prosecution, the alleged fraudulent scheme has impacted at least 1,400 victims. To build the case, investigators have already recorded statements from 150 of these individuals. Furthermore, the investigation involved gathering financial and digital evidence from 15 different banks and 12 media organizations, highlighting the complexity and reach of the suspected operation. Citing the sheer volume of evidence and the gravity of the crimes, the prosecution initially requested a 10-day extension to organize the multiple charges expected to be brought against the suspects.
In response, defense attorneys argued for the release of their clients on bail. The defense emphasized that the suspects are well-known public figures with established social ties and, in some cases, health issues. They argued that since the investigation is complete, there is no risk of evidence tampering and that the suspects would comply with all court summons.
After hearing both sides, the presiding judge denied the immediate bail request and granted the prosecution seven of the requested ten days to finalize the charge sheet. The court has adjourned the case until May 6, 2026 (Miazia 28, 2018 E.C.), at which time the formal charges are expected to be presented.
This case has drawn significant public attention in Ethiopia, as it involves popular social media personalities and highlights the growing risks associated with unregulated 'fintech' investment platforms. The 'Fintech Investment' model in question typically involves platforms promising high returns on digital investments, which authorities often flag as sophisticated pyramid schemes. In recent years, Ethiopia has seen a surge in such digital financial crimes, prompting the government to tighten regulations on virtual assets and social media promotions.
Source: Telegram / tikvahethiopia