According to a new survey conducted by the Ministry of Justice, banks have lost 1.8 billion birr due to fraud in the last four years.

The results of the new study were unveiled during an event now taking place at the Sheraton Addis Hotel. It disclosed that 50.7 percent of the looting took place at the Commercial Bank of Ethiopia.  Following, Abyssinia Bank (328.9 million birr), Oromia Bank (161.8 million birr) and Wegagen Bank (155.6 million birr) were the most affected.

“Such operations are causing havoc on the financial business,” Fekadu Tsega, the state minister of Justice, warned.