The Ethiopian Federal Police have officially filed charges against the founders of Fintech Investment, a private firm accused of orchestrating a massive fraud scheme that resulted in 1.7 billion Birr in losses for over 1,200 citizens.
According to the police, the investigation into the firm’s founders, Daniel Yohannes and Girmay Gebremichael, revealed a complex web of deception involving 19 different criminal counts, including money laundering and cross-border financial crimes. Daniel Yohannes is currently in custody, while authorities are actively tracking Girmay Gebremichael.
Investigators uncovered that the suspects lured victims by promising to deliver vehicles within 90 days upon payment of a 950,000 Birr deposit, with the remaining balance to be covered by a five-year interest-free bank loan. To maintain the facade, the suspects allegedly staged the arrival of vehicles, rented cars for display at Meskel Square to deceive the public, and falsely claimed to have a partnership with the Chinese electric vehicle manufacturer, BYD.
Police reports indicate that the suspects collected approximately 1.36 million Birr per victim, citing various fees including taxes and charging equipment costs. Furthermore, the investigation revealed that the firm had no legitimate contract with BYD and had instead sold off vehicles intended for the Ethiopian market in Djibouti to cover their own debts.
In a significant development, the Federal Police have also arrested several prominent artists and media personalities, including Solomon Bogale, Serawit Fikre, Daniel Tegegn, Abraham Gizaw, Yigerem Dejene, Mansur Jemal, and Khalid Nasir. These individuals are accused of facilitating the fraud by promoting the company on social media in exchange for luxury gifts, specifically BYD Song Plus vehicles valued at 8 million Birr each. The court has granted the police additional time to continue their investigation into these individuals until April 8, 2026.
This case highlights the dangers of unregulated investment schemes and the role of social media influencers in amplifying fraudulent activities. The Federal Police have expressed their gratitude to the Ministry of Justice and the public for their cooperation in bringing this complex criminal case to light.
Source: Telegram / tikvahethiopia