High-Profile Fintech Fraud Case in Ethiopia Faces Further Court Delay

Mintesinot Nigussie

A federal court in Addis Ababa has postponed its decision on a police request seeking an additional 14-day investigation period in a high-profile fintech-related fraud case involving several well-known artists and TikTok influencers. The Federal First Instance Court is now expected to rule on the request on April 22, 2026, extending a procedural timeline that has already seen repeated adjournments.

The suspects were detained over allegations linked to an investment scheme promoted under the name “Fintech”, which authorities say involved large-scale public fundraising under promises of financial returns. The case has drawn widespread attention in the country’s growing digital economy space.

During Friday’s hearing, investigators told the court they had already conducted extensive witness interviews and begun reviewing financial records since the arrests. However, they argued that the alleged offences are complex and wide in scope, requiring additional time to complete outstanding witness hearings and compile documentary evidence before formal charges can be filed.

The prosecution therefore requested a further 14 days of custody to finalise the investigation. Defence lawyers opposed the request, arguing that the accused are public figures with known residences and stable livelihoods, and therefore do not pose a flight risk. They also urged the court to consider health concerns affecting some of the suspects.

The Federal First Instance Court had previously instructed police to conclude their investigation and present findings sufficient to support charges. The case continues to generate significant public interest due to the involvement of prominent figures in the entertainment and social media sectors.

Businesses in fintech, digital finance and investment advisory services are closely monitoring the proceedings, as the outcome could influence regulatory scrutiny and investor confidence in Ethiopia’s emerging digital economy.

Overall, the further delay in the high-profile fintech fraud case underscores the complexity of investigating digital investment schemes and the challenges authorities face in balancing thorough evidence gathering with timely judicial processes.