Ethiopia’s Federal Police on Wednesday said it has arrested a man with a 5.2 billion birr illegal business and money exchange services in the capital Addis Ababa.
It also said that it has arrested 25 other partners suspected of the crime. An investigation is underway.
The main suspect is identified as Samuel Equale ( also uses the alias Sami Dollar) who is said to be a resident of Addis Ababa.
According to a report by Ethiopian Broadcasting Corporate (EBC), state media, the suspect frequently travels to the United States and has a business license for Electric tools, and house and office furniture.
Police say he has been using the legal business license as a cover to illegally circulate cash and provide black market money exchange services.
Yodit Eguale Alemu, his sibling, was also working with him, police claimed.
It is also said that police investigated them and they are said to have over 25 joint bank accounts and have carried out a 247 million birr worth transition in just one year.
Furthermore, police claimed that Samuel and Yodit were illegally making business with 5, 248,000 birr in one year. However, police unspecified in what year they were making business with the aforementioned amount.
Police said it got cooperation from the public that led to their arrest and investigation.
The National Bank of Ethiopia recently rolled out a reward program for individuals who anonymously inform about illegal money transfer and exchange services.
This week, Prime Minister Abiy Ahmed said it is his government’s priority to crackdown on corruption and economic sabotages including illegal money exchange and transfers.
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