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Purpose Black ETH Executives Arrested for Fraud and Corruption

By: Addis Insight

Date:

August 30, 2024

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Executives of Purpose Black ETH Trading Co. Arrested

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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.

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