Defendants In 1.9bln Birr Fintech Fraud Scheme Granted Bail | The Reporter Ethiopia

Several defendants accused of involvement in an alleged 1.9 billion Birr fintech investment fraud have been granted bail by the Lideta Division of the Federal High Court, while remaining under a travel ban pending further investigation.

The defendants, which include well-known public figures and social media influencers, stand accused of causing substantial financial harm by allegedly disseminating false information and exploiting public trust through social media platforms and digital communication tools.

Prosecutors claim the suspects used online platforms and computer-based systems to mislead victims into a fraudulent vehicle import scheme, resulting in significant financial losses.

– Advertisement –

During the proceedings, prosecutors stated they did not object to bail for most of the defendants, with the exception of the fifth defendant, Mensur Jemal. However, citing the magnitude of the alleged fraud, prosecutors requested the court to impose strict bail conditions, including high financial guarantees and a ban on international travel. Prosecutors also argued that several of the suspects frequently travel abroad for work and could pose a flight risk.

Although the court had previously recognized the defendants’ right to bail during a hearing held on April 6, 2026 it deferred its decision regarding the specific bail amounts, travel restrictions, and the prosecution’s written objection to bail for Mensur Jemal until May 11, 2026.

Following a closed-door hearing held today, the court has set a 400,000 Birr bail for four of the defendants including Serawit Fikre, Yigerem Dejene, Solomon Bogale, and Daniel Tegen. The sixth and seventh defendants, Khalid Nasir and Abraham Gizaw, were each granted bail in the amount of 500,000 Birr.

Defense attorney Abebaw Abebe told The Reporter that the fifth defendant, Mensur Jemal, is facing four separate charges brought by prosecutors.

– Advertisement –

The lawyer further noted that, despite being released on bail, all defendants remain prohibited from leaving the country.

The court proceedings were conducted behind closed doors, without the presence of family members and media representatives.

Meanwhile, Yosiyad Abeje, head prosecutor for organized and cross-border crime, told The Reporter that the court had reviewed the prosecution’s written objection to granting bail for Mensur Jemal and is expected to issue a separate ruling later this afternoon.