Ethiopian intelligence service agents among 14 charged in $135 million massive bank fraud
Fourteen individuals, including two agents from Ethiopia’s National Intelligence and Security Service (NISS), have been formally charged in a large-scale financial fraud case involving the alleged embezzlement of over 7.7 billion birr (approximately USD 135 million) from the Commercial Bank of Ethiopia (CBE).
The charges were filed at the Lideta Criminal Bench of the Federal High Court in Addis Ababa.
The accused include CBE employees, government officials, NISS agents, and private citizens.
Investigators say they used their positions and access to internal systems to divert funds from three CBE accounts into multiple fraudulent private accounts.
According to court documents, the scheme unfolded in April 2025 and began when login credentials were obtained from the bank’s Horro branch in Shambu, western Oromia. These credentials were then used to manipulate the bank’s internal system and authorise large, illegal transfers.
Exploited system permissions
The Federal Police Crime Investigation Bureau led the investigation, which revealed that the suspects exploited system permissions to move substantial sums into personal accounts. The scheme is believed to have involved coordinated efforts among bank staff, intelligence operatives, and external actors.
Among those charged are Degu Ashenafi Beyene, a Condominium Loan Follow-up Expert in Addis Ababa; Teferi Dinqesa Belete, manager of the Horro branch in Shambu; and Shimelis Shiferaw, an Application Officer also based in the capital.
Two agents from NISS’s Economic Intelligence Division, Mohammed Negash Gesese (also known as Walelign) and Negussie Emiru Gurino, are also among the accused. While Gesese is in custody, Gurino remains at large.
Thirteen of the 14 suspects are currently being held in detention as court proceedings continue. Authorities are still searching for the remaining suspect.
Massive-scale fraud
The indictment outlines the massive scale of the alleged fraud.
Court documents show that 4 billion birr (about USD 70 million) was transferred into two accounts held by Israel Degefa Sime.
Another 1 billion birr (around USD 17.5 million) went to an account belonging to Getachew Tegegn Abadama.
An additional 2 billion birr (approximately USD 35 million) was deposited into an account under the name of Molla Shiferaw Ejigu, who is listed as the tenth defendant.
