The Ethiopian Federal Police Commission has officially concluded a high-profile investigation into a massive fraudulent scheme involving Fintech Investment and its founders. The case, which allegedly defrauded over 1,200 citizens of approximately 1.7 billion Birr, has now been transitioned to the Ministry of Justice for prosecution. Investigators have filed charges related to 19 distinct criminal counts, including money laundering and transnational organized crime.
At the center of the allegations are the company’s founders, Daniel Yohannes and Girmay Gebremichael. According to police reports, the suspects lured victims with promises of interest-free loans for electric vehicles. Clients were reportedly required to make down payments of up to 1.3 million Birr. However, the investigation revealed that the company had no formal agreement with the Chinese automaker BYD, despite using the brand’s name to solicit funds and claiming hundreds of vehicles were awaiting clearance at the Port of Djibouti.
The case has gained significant public attention due to the involvement of several high-profile figures. Seven prominent actors and influencers, including Solomon Bogale, Serawit Fikre, and Mensur Jemal, have been apprehended. Police allege these individuals used their social standing to promote the fraudulent scheme through exaggerated advertisements. It is further alleged that each of these influencers received a “BYD Song Plus” vehicle, valued at roughly 8 million Birr, as a gift derived from the illicitly obtained funds.
The Federal Police detailed a history of prior offenses regarding one of the suspects, Girmay Gebremichael. Records indicate that he was previously involved in a similar travel fraud scheme during the 2010 World Cup. After fleeing the country, he was eventually extradited back to Ethiopia through a coordinated effort with Interpol. In the current case, Daniel Yohannes is currently in custody, while authorities continue to track Gebremichael’s whereabouts to ensure he faces the latest charges.
Techniques used in the scam included “borrowing” vehicles from various sources to display at Meskel Square, creating the illusion of a large, ready-to-deliver fleet. Police confirmed that while 148 cars were initially brought into the country via a partial 10% payment to a third-party firm in Djibouti, many were later sold secretly or never delivered to the paying customers. The investigation highlights a complex web of financial deception designed to appear as a legitimate green-energy investment.
The Federal Police expressed gratitude to the public for providing tips and to the Ministry of Justice for its collaboration during the complex investigation. As the court has granted a remand until April 7, 2026 , the legal proceedings are expected to shed more light on the recovery of assets. The authorities have reaffirmed their commitment to pursuing all individuals who profited from the scheme, emphasizing that fame does not grant immunity from financial regulations.