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.

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• Addis Ababa
• Commercial Bank of Ethiopia
• Ethiopia National Intelligence and Security Service
• NISS
• Ethiopia bank fraud
• Ethiopian intelligence service agents among 14 charged in $135 million massive bank fraud
• Ethiopia

The remaining 700 million birr (over USD 12 million) was distributed among other accounts in amounts ranging from 30 million birr (USD 525,000) to 500 million birr (USD 8.75 million).

The prosecution also named suspects from other institutions.

From the private sector, these include Gizachew Dememew Shiferaw and Mulugeta Qerealem Dessie.

From government offices, the accused include Gebrehana Alemu Cheru, an employment placement expert at the Lemi Kura Labour and Skills Office; Anteneh Kassa Mekonnen, a project preparation and resource mobilisation expert at the Addis Ababa Social Trust Fund Office; and Yonas Shewaye Endalemaw, a director at the same office.

The case has drawn significant attention due to the scale of the alleged theft and the involvement of officials from the intelligence community and financial sector in what is considered one of Ethiopia’s biggest financial fraud scandals in recent years.