Defendants in 1.9 billion Birr fintech fraud scheme granted bail
via The Reporter Ethiopia4 min read
Several defendants accused in an alleged 1.9 billion Birr fintech investment fraud have been granted bail by the Lideta Division of the Federal High Court. The defendants, including public figures and social media influencers, are accused of disseminating false information and exploiting public trust through online platforms for a fraudulent vehicle import scheme. Prosecutors did not object to bail for most defendants, except for Mensur Jemal, the fifth defendant, who faces four separate charges. They requested strict bail conditions, including high financial guarantees and a travel ban, citing the magnitude of the alleged fraud and flight risk. The court set bail at 400,000 Birr for Serawit Fikre, Yigerem Dejene, Solomon Bogale, and Daniel Tegen, and 500,000 Birr each for Khalid Nasir and Abraham Gizaw. All defendants remain prohibited from leaving the country. The court is expected to issue a separate ruling on Mensur Jemal's bail later.
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This summary was AI-generated from a story originally published by The Reporter Ethiopia.
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