Fintech Investment Fraud Probe Expands to Media and Banks

Mintesinot Nigussie

Authorities have extended their investigation into a high-profile Fintech embezzlement case involving artists and TikTok creators, with a federal court granting an additional 14 days to complete evidence collection. Police cited ongoing inquiries requiring access to records from 12 major media outlets and all national banks.

The case centres on the entity known locally as “Fintech Investment”, which civic observers say may have misappropriated up to 1.7 billion birr. Investigators are analysing electronic and documentary evidence to trace the flow of funds and verify the legitimacy of investments.

So far, statements from 150 witnesses have been recorded, with more expected to testify. The court will reconvene on April 9, 2026, to evaluate police findings and determine the next steps in the investigation.

The investigation builds on earlier suspicions of financial irregularities linked to Fintech platforms, which have proliferated in Ethiopia over the past five years. Authorities have increasingly targeted digital and social media channels in high-value financial crimes.

Businesses and investors in the fintech and digital investment space are closely watching the case, as it could set important precedents for regulatory oversight and consumer protection in Ethiopia’s growing digital finance sector.

Overall, the expansion of the probe to media outlets and banks underscores the scale and complexity of the alleged fraud and the authorities’ determination to ensure thorough accountability.

Mintesinot Nigussie