The Federal High Court in Addis Ababa has granted bail to several high-profile artists and social media influencers allegedly involved in a 1.9 billion Birr “Fintech” investment fraud. During a closed session on Monday, the court ruled that the suspects could monitor their legal proceedings from outside of custody, provided they meet specific financial guarantees and adhere to strict travel restrictions.
The legal proceedings involve some of Ethiopia’s most recognizable figures. The court set the bail amount at 500,000 Birr each for the first through fourth defendants: Serawit Fikre, Solomon Bogale, Yigerem Dejene, and Daniel Tegegn. These individuals are accused of participating in a scheme that reportedly defrauded investors of nearly two billion Birr under the guise of financial technology investments.
In addition to the primary defendants, the court addressed the status of the sixth and seventh defendants, Abraham Gizaw and Khalid Nasir. The presiding judge ordered their release on a slightly lower bail amount of 400,000 Birr each. Despite the granting of bail, the court imposed a mandatory travel ban on all defendants, prohibiting them from leaving the country while the investigation and subsequent trial continue.
The situation remains more complex for the fifth defendant, Mansur Jemal. Unlike the others, the prosecution had previously raised specific objections regarding his release. During a session held earlier on April 20, 2026, the prosecution indicated they did not oppose bail for the other suspects—provided the amounts were high—but maintained a different stance on Jemal. The court scheduled a follow-up session for Monday afternoon to deliver a specific ruling on his eligibility for bail.
This case has drawn significant public attention due to the massive scale of the alleged “Fintech” scam and the celebrity status of those involved. Investigators claim the suspects used their influence to promote a fraudulent investment platform that ultimately led to historic financial losses for participants. As the legal process unfolds, the court’s decision to grant bail marks a pivotal shift in the high-stakes proceedings, transitioning the focus from police custody to a formal trial.