The Ethiopian Federal Police have announced the conclusion of an investigation into a significant fraud operation involving a company identified as 'Fintech.' According to official police statements, the company allegedly misled the public by falsely claiming to be an authorized partner of the Chinese electric vehicle manufacturer, BYD.
Investigators revealed that the company orchestrated a deceptive campaign to gain public trust. This included gathering various vehicles from different sources and displaying them at Meskel Square, falsely presenting them as new imports directly from the manufacturer. The police confirmed that Fintech had no legal contract or formal partnership with BYD, despite claims made to potential customers and the public.
Further details from the investigation implicate key figures, including Mr. Daniel Yohannes, in a scheme designed to defraud the public. Authorities allege that the group imported 148 vehicles through Djibouti. While 100 of these vehicles were distributed to specific individuals to create an appearance of legitimate business activity, the remaining 48 modern vehicles were reportedly sold secretly for personal gain.
The Federal Police have characterized these actions as a criminal enterprise aimed at deceiving citizens through false representation and unauthorized branding. The investigation highlights the risks associated with unregulated vehicle imports and the importance of verifying dealership credentials when purchasing high-value assets.
As the case moves forward, authorities are expected to pursue legal action against those involved in the scheme. This incident serves as a stark reminder for consumers to exercise caution and conduct thorough due diligence when engaging with companies claiming exclusive international partnerships or high-profile automotive distributorships in Ethiopia.
Source: Telegram / tikvahethiopia