Celebrities Face Court Over Alleged 1.9bn Br Electric Vehicle Fraud

Federal prosecutor opened a sweeping criminal case today, May 6, 2026, against several public figures and company executives, pushing the Fintech Investment Plc electric-vehicle case beyond its alleged organisers and into the circle of artists, promoters and social media personalities prosecutors say helped make the scheme appear credible to the public.

The charge was heard before the judges at the Lideta Division Criminal Bench, on Chad St., where prosecutors accused the defendants of using computer systems and working in coordination with Daniel Yohannes, co-founder of Fintech Investment Plc.

Daniel, who is already facing fraud charges allegedly committed through computer systems, has remained in custody since February this year. Prosecutors allege that the defendants acted together with him under a "coordinated arrangement designed to deceive individuals" and caused financial harm to victims.

The case places public visibility at the centre of the prosecution’s argument. According to prosecutors, the defendants’ role was not limited to passive endorsement. They allegedly promoted the Fintech Investment Plc electric-vehicle scheme in ways that gave it an appearance of trustworthiness, helping draw public confidence toward a venture now tied to an alleged loss of more than 1.9 billion Br.

The defendants, including Serawit Fikre and Solomon Bogale, had been held at the Federal Police Criminal Investigation Bureau on Mozambique Street, near Genet Hotel, since March, before being brought to court for the formal opening of the charge. Their appearance before the Lideta Bench drew attention because the case brings together figures from entertainment, event promotion, business and social media in one of the most closely watched fraud proceedings tied to a digital investment scheme.

The charge sheet lists seven defendants, such as Daniel Tegegn, Yigerem Dejene, Abraham Gizaw, Mensur Jemal and Khalid Nasir. They include actors and television personalities, while Abraham Gizaw is described as a businessman known for organising events.

The prosecution’s case rests on the allegation that their public-facing roles helped reinforce confidence in Fintech Investment Plc’s electric-vehicle business. Mensur emerged as a central figure in today’s proceedings.

In a further escalation, federal prosecutor filed three additional charges against him and presented 91 prosecution witnesses, along with material evidence. The additional charges distinguish his case from those of the other defendants and shaped the prosecution’s argument on bail. All defendants appeared before the court requesting bail, pleading to continue defending the case while released from custody. The aprosecutor did not, in principle, oppose bail for all defendants except Mensur. But he argued that, given the seriousness of the alleged damage and the circumstances of the case, any bail granted should come with strict limits such as travel bans to prevent the defendants from leaving the country. The Prosecutor also appealed to judges to place a substantial bond, arguing that the magnitude of the alleged damage demanded a strong bail condition.

Judges issued a partial ruling, postponing their ruling on the amount of bail until Monday, May 11, 2026. They also ordered the prosecutor to submit a written objection why bail should be denied for Mensur.

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