Purpose Black ETH Executives Arrested for Fraud and Corruption

Date:

Share post:

Executives of Purpose Black ETH Trading Co. Arrested

Addis Ababa, August 24, 2016 – The executives of Purpose Black ETH Trading Co., Ltd. were arrested today on suspicion of abuse of power and serious fraud.

The investigation began following a complaint submitted to the police by shareholders who claimed they had been defrauded by the company. The Addis Ababa Police Commission arrested the executives of the joint stock company based on these allegations.

Complaints from the community indicate that the company has been collecting money from the public through media advertisements and leaflets, offering a three-bedroom apartment for 1.5 million birr on land and property it has not yet acquired in the Mexico area.

As a result, the Ministry of Justice announced that the executives have been arrested on suspicion of corruption.

Further details on the issue will be presented as the investigation progresses.

Addis Insight
Addis Insighthttps://addisinsight.net/
Addis Insight is Ethiopia’s fastest growing digital news platform, providing consumers with the latest news from Ethiopia and its diaspora. We provide marketers with innovative opportunities to leverage our stories and overall brand with a fiercely curious and highly engaged audience.
spot_img

Related articles

Ethiopia’s Ministry of Finance Ends Franco Valuta Import System for Commercial Goods

The Ministry of Finance of the Federal Democratic Republic of Ethiopia has issued a directive announcing the end...

Ethiopia Aims for Cashless Economy with Interoperable QR Code Payment System

Ethiopia’s New Interoperable QR Code Standard Sets the Stage for a Digital Payment RevolutionEthiopia is taking a significant...

Ethiopia’s Banking Sector at Risk: Kaspersky Reports Grandoreiro Trojan Spread

Ethiopia is among the latest countries targeted by the Grandoreiro banking trojan, a significant cyber threat now expanding...

Ethiopia Earns $55 Million from Bitcoin Mining: A Growing Global Player

Ethiopia’s role in the Bitcoin mining industry is on the rise, bringing in a remarkable $55 million over...