Ethiopia’s National Intelligence and Security Service (NISS) has confirmed the arrest of 112 individuals, including eight Chinese nationals in a nationwide crackdown on illegal foreign exchange.
In a statement issued on Monday, NISS said the suspects were allegedly conducting illegal foreign exchange transactions, money laundering, foreign exchange fraud, tax evasion, and other financial crimes.
The crackdown also resulted in the freezing of 519 bank accounts linked to the suspects and the seizure of several pieces of evidence associated with the crimes, according to the statement.
The arrests come amid the government’s effort to stabilise the macro-economy, curb illicit capital flows, and protect the country’s limited foreign exchange reserves.
These activities, the NISS warned, have caused significant harm to the country’s economy and are believed to have funded terrorist and armed groups.
The operation was conducted jointly with the Financial Security Service, the Ethiopian Federal Police, regional security structures, and with tips provided by community members.
Security officials say various “exhibits” were seized, including digital devices, transaction records, false documents, and foreign currency.
Early assessments indicate that the networks relied on encrypted messaging apps, fake import–export records, shell businesses, and unregulated cryptocurrency platforms to bypass financial oversight.
MG/as/APA