More than 1,300 citizens have come forward with serious allegations against 'Fintech Investment Group,' an electric vehicle importer, claiming they have been defrauded of over 1.4 billion Birr. The complainants allege that despite paying significant sums for vehicles, they have yet to receive them, and the company is now claiming its accounts are frozen.
According to the victims, the company utilized Ethiopia’s 'Green Legacy' initiative as a marketing tool, involving high-profile figures and celebrities to build trust. Many of the complainants reported paying an initial deposit of 950,000 Birr, followed by additional payments of 450,000 Birr for registration and licensing fees, allegedly without receiving official government receipts.
"We have seen the cars we paid for with our own eyes," one complainant told Tikvah Ethiopia. "The company keeps giving us false promises while we have discovered they are selling those same vehicles to third parties through car dealerships." The situation has had a devastating impact on many families, with reports of individuals losing their homes, selling their only source of income—their taxis—and suffering severe mental health crises due to the financial ruin.
Victims claim that when they inquire about the delays, the company provides inconsistent excuses, ranging from foreign currency shortages to claims that their bank accounts have been frozen. Some complainants noted that they have been waiting for over eight months, despite initial promises of delivery within two to three months.
Tikvah Ethiopia attempted to reach the company for comment. The individual identified as the Marketing Manager, Ato Yabsira, could not be reached, and another representative declined to provide a statement, claiming they were on leave. The company's office phone lines were also reported to be non-functional.
As the affected citizens continue to seek legal and administrative intervention, they have expressed deep frustration over the role of public figures and celebrities who previously endorsed the company as reliable. Tikvah Ethiopia remains open to publishing a response from the company should they choose to address these allegations.
Source: Telegram / tikvahethiopia