Judges Release Majority of Defendants in Fintech Investment PLC Fraud Case on 400,000–500,000 Birr Bail

Mintesinot Niggusie

A federal high court in Addis Ababa has ordered the release on bail of most defendants in the fraud case linked to Fintech Investment PLC, setting bail conditions between 400,000 and 500,000 birr while maintaining restrictions on movement.

The case involves allegations that the company operated an investment scheme that raised funds from the public under promises of vehicle ownership and returns, drawing in more than 1,000 investors.

Under Monday’s ruling, defendants one through four, Serawit Fikre, Solomon Bogale, Yigrem Dejene and Daniel Tegegn, were granted bail at 500,000 birr each. The sixth and seventh defendants, Abraham Gizaw and Khalid Nasir, were released on 400,000 birr bail. All defendants remain under a court-imposed travel ban, barring them from leaving the country while proceedings continue.

The court, however, deferred its decision on the fifth defendant, Mansur Jemal, after the prosecution raised an objection to his bail request. A ruling on his case is expected later on Monday afternoon, with a further hearing scheduled for 8pm.

The latest ruling follows earlier proceedings in which prosecutors had indicated conditional acceptance of bail for most defendants, provided strict financial guarantees and movement restrictions were enforced. The case continues to move through the federal court system as hearings proceed on allegations involving alleged financial misrepresentation and misuse of investor funds.