The National Intelligence and Security Service has linked a network of sports betting operators and financial service partners to what authorities describe as one of the largest suspected revenue concealment cases in recent years, alleging that more than 100 billion birr (around 650 million US dollars) was withheld from the state, as reported by Fana Media Corporation.

The case emerged after regulators attempting to review routine financial records encountered irregularities among several betting companies. Investigators reported finding firms that had abandoned their registered business addresses, others that had lost their licences over previous violations, and additional groups operating betting platforms without any authorisation.

Authorities said these operators worked through local fintech and aggregator payment institutions to process large volumes of transactions. The inquiry concluded that substantial sums collected through these platforms were not reported to government revenue channels and that required taxes were not paid.

Part of the investigation focused on how funds were transferred offshore. Officials said earnings were converted into foreign currency using cryptocurrency systems and informal hawala networks, allowing the money to be moved out of the country. Some of the individuals involved are said to hold multiple nationalities and, according to the findings, managed parts of the operation from abroad.

Although the fintech and aggregator companies under scrutiny are licensed by the National Bank of Ethiopia, investigators allege that certain institutions used client confidentiality rules in ways that prevented regulators from tracking financial flows. These practices are now being examined for their role in enabling tax evasion and the illegal transfer of funds.

The probe, carried out with the Federal Police, the Financial Security Service and security structures in Addis Ababa and Dire Dawa, resulted in the arrest of twenty-four suspects. Officials said the network relied on foreign software systems and avoided fixed office locations, complicating the inquiry.

According to the findings, proceeds from the activities were used to support money laundering, contraband and groups that undermine peace. The National Intelligence and Security Service urged the public to continue sharing information on similar operations with security institutions.