 denies reports 7.735 billion Birr transfer from its internal accounts to individual accounts. Read more.){kind=link}
Getahun Tsegaye
Staff Reporter
Addis Ababa, Ethiopia – The Commercial Bank of Ethiopia (CBE) has refuted a July 22nd media report claiming 7.735 billion Birr was transferred from its internal accounts to individual accounts, declaring the report false.
In a statement issued today, CBE stated that on July 22nd, an attempt was made to unlawfully transfer 7.735 billion Birr from the bank’s internal accounts to 10 other individual accounts within the bank, for the undue benefit of others or the suspects themselves. “However, due to the bank’s strong internal control system, this activity was detected, and no money was disbursed. The funds were returned from the attempted recipient accounts to their correct internal accounts,” it said.
This announcement follows media reports from July 22nd indicating that suspects are accused of conspiring to transfer billions from three internal CBE accounts into numerous private and fraudulent accounts. Some media reported that this was allegedly achieved by exploiting internal system access permissions obtained from the bank’s Horro branch in western Oromia in April 2025.
CBE further stated that following the attempt, the bank immediately reported the criminal activity to the relevant legal body. It said that investigations have been ongoing and evidence collected, leading to criminal charges being filed against 14 suspects by the Federal Attorney General’s Corruption Crime Directorate.
The bank also denied reports from May 27, 2025, which claimed that “over 7 billion Birr deposited in the internal account of the Commercial Bank of Ethiopia was stolen,” and that the thieves were not caught and the bank had swept the matter under the rug. CBE labeled this information as “false.”
In connection with the May 27, 2025, incident, the bank reiterated in its statement today that within minutes of the attempt, its strong internal control system detected the suspicious transaction, and the attempt was immediately thwarted without any money being disbursed or stolen. It further stated that the matter was reported to the relevant legal body, the suspects were apprehended by the police, and the investigation is continuing.
Additionally, the bank warned in its statement that it would take immediate appropriate corrective and rebuttal actions against individuals or institutions that deliberately disseminate distorted and inaccurate information to tarnish the bank’s good name and reputation.
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I have a live one for you. It wasn’t 7.73 birr that was transferred from its internal accounts to individual accounts. The amount was much higher than that and the number was not in Ethiopian currency. It was 773 billion in US currency transferred to the accounts of these bigots and connivers stinking up neighborhoods in Minnesota, LA, Tennessee, Michigan, Toronto, Oslo and Down Under.