Prosecutors have charged a high-profile investment manager with orchestrating a large-scale fraud that allegedly drew more than 600 million birr from investors through promises to supply electric vehicles that were never delivered. Daniel Yohannes, manager of Fintech Investment PLC, appeared before the Federal High Court’s Lideta Branch, where he faces 19 counts, including fraud, conspiracy, and violations of Ethiopia’s computer crime laws. Investors were required to make substantial upfront payments, including a 50 percent deposit on vehicles priced at about 1.9 million birr, alongside additional charges covering tax and licensing. Prosecutors say these payments totalled more than 1.36 million birr per participant. Prosecutors say more than 5,000 people registered under that programme, which collected significant funds before ceasing operations without fulfilling deliveries.

Source: Ethiopian News March 27, 2026 22:29 UTC