The Financial Security Service stated that the FIAS 777 account, which defrauded numerous people, has been suspended and an investigation is ongoing.

According to Yonas Mamo, Head of Financial Crimes Analysis at the Financial Security Service, more than 26,000 foreigners and Ethiopians participated in the event, and fraud was committed against several individuals.

Furthermore, the Yonas claimed that FIAS 777 was not registered or recognized as a financial institution. In addition to the organization’s lack of recognition, he stated that it engaged in pyramid trading, which is illegal in Ethiopia.

According to the official, the group defrauded several people and engaged in illegal activity by adding friends and groups on Facebook, WhatsApp, Telegram, and other social media platforms.

Sources disclosed that the Federal Police are investigating how many people were involved in the crime, while the Financial Security Service is investigating how much money the group stole from individuals.

Source: Addis Maleda

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