The man who didn’t get fazed by big money!

Fintech Investment PLC recently defrauded over 1,200 Ethiopians out of 1.7 billion birr by falsely promising BYD electric vehicle imports. The scandal, exposed in late March 2026, involved fake partnerships and high-profile endorsements.[1][2]

## The Scam Details

The Addis Ababa-based company marketed EVs like the BYD Seagull via social media, claiming quick deliveries within 90 days for down payments up to 1.36 million birr each.  They imported only 148 vehicles through Djibouti, distributing about 100 to insiders while secretly selling 48 others and pocketing funds.  No real ties existed with BYD, despite showcased cars at spots like Meskel Square to build trust.[2][3][4][5][1]

## Legal Actions

Ethiopian Federal Police charged CEO Daniel Yohannes and accomplices like Solomon Bogale with 19 counts of fraud, conspiracy, and cybercrimes in March 2026.  Several celebrities and influencers faced arrest for promotions, with some suspects fleeing.  The probe revealed a Djibouti shell company "Alfatizo" used for shady purchases.[4][5][1][2]

## Broader Context

This contrasts legitimate BYD distributor Moenco, which launched models in late 2024 amid Ethiopia's EV push.  The fraud highlights risks in Ethiopia's booming digital investment scene tied to fintech and green tech hype.  Victims await refunds as courts proceed.[6][7][1]

Sources

[1] What Exactly Happened to Fintech Investment Group? The Full Story ... https://www.linkedin.com/pulse/what-exactly-happened-fintech-investment-group-full-story-ethiopias-9hjof

[2] Ethiopian Federal Police Charges Fintech Investment plc Founders in ... https://www.stockmarket.et/ethiopian-federal-police-charges-fintech-investment-plc-founders-in-1-7-billion-birr-fraud-case/

[3] What began as a promise to make electric cars ... - Instagram https://www.instagram.com/p/DWgm84ljZSj/

[4] Stockmarket.et's Post - LinkedIn https://www.linkedin.com/posts/stockmarket-et_the-ethiopian-federal-police-has-completed-activity-7443659640896229376-cYMH

[5] Ethiopian Artists Fintech Scam: Arrests Over 1.7 Billion Birr Fraud https://www.kulu-media.com/ethiopian-artists-fintech-scam-arrests/

[6] Ethiopian Federal Police Conclude Investigation into 1.7 Billion Birr ... https://www.instagram.com/p/DWdxp1YiObL/

[7] Moenco launches BYD cars in Ethiopia - MarkLines https://www.marklines.com/en/news/319839

[8] Ethiopia's EV Boom Takes Off After A Ban On Gas And Diesel ... https://www.aol.com/articles/ethiopia-ev-boom-takes-off-130047903.html

[9] Why Ethiopia Is Smart To Ban Gas-Powered Car Imports https://www.theautopian.com/why-ethiopia-is-smart-to-ban-gas-powered-car-imports/

[10] is a 60,000 ETB Monthly Car Loan Worth It? BYD e2 Real ... - YouTube https://www.youtube.com/watch?v=FksE-XQ2MAM