Fintech Fraud Suspects File Objections as Court Adjourns Case

Fintech Fraud Suspects File Objections as Court Adjourns Case

June 19, 2026
By Mintesinot Nigussie

Defendants accused of participating in an alleged large-scale fraud scheme linked to Fintech Investment PLC appeared before the Federal High Court's Lideta Division on Thursday, where they submitted formal objections to the charges filed against them.

The suspects, who include well-known artists and TikTok content creators, lodged their objections through legal representatives during the hearing. Prosecutors informed the court that they required additional time to review the submissions and could not respond immediately.

The court granted the request and scheduled a new hearing for July 15, 2026, when prosecutors are expected to present their response.

All defendants attended Thursday's proceedings, including fifth defendant Mensur Jemal, who remains in custody after being denied bail. The remaining defendants had previously secured bail and have been following the case while released pending trial.

The court did not consider the substance of the objections during the hearing, instead postponing further proceedings until the prosecution files its response.

The case stems from allegations that Fintech Investment PLC orchestrated a large-scale fraud scheme under the guise of fintech and vehicle-financing investments. Prosecutors allege the company collected approximately 1.7 billion birr from more than 1,200 individuals after promising customers access to electric vehicles through a financing arrangement that included substantial upfront payments and long-term repayment plans.

Investigators have alleged that the company misrepresented aspects of its operations, including claims related to vehicle imports and commercial partnerships. Authorities also accuse several public figures and social media influencers of promoting the scheme, helping attract customers through marketing campaigns and public endorsements.

The defendants have denied wrongdoing and are contesting the charges before the court. No verdict has been issued, and the case remains under judicial review.

Source: FSX Business News