Court Grants Prosecutors Seven Days In Widening Fintech Fraud Case

Mintesinot Niggusie

A federal court has granted prosecutors seven days to file formal charges in a major fraud case involving a digital "fintech investment" platform. The scheme allegedly used social media influencers and artists to build credibility for unregulated asset-based investment programs.

Prosecutors revealed that the investigation file exceeds 7,000 pages and is supported by statements from 150 complainants. Evidence has been collected from 12 media organizations and 15 banks to trace transactions and promotional activities.

Investigators claim staged marketing materials and coordinated endorsements were used to solicit funds under the promise of high returns. The court ordered the prosecution to finalize and file charges by the next hearing date.