Ethiopia: CBE Denies Media Report of 7 Billion Birr Theft, Says Attempted Fraud 'Thwarted Within Minutes'

Addis Abeba- The Commercial Bank of Ethiopia (CBE) has reported what it described as an "attempted theft of a large amount of money," rejecting media claims that over 7 billion birr had been stolen from its internal account.

In a statement issued in response to a May 27, 2025 broadcast by Ethiopian Media Service (EMS), the bank said it was "compelled to provide a brief statement" following reports that it said "falsely claimed" that funds were stolen, suspects not apprehended, and the incident "covered up" by the bank.

"The truth is," CBE stated, "no money was actually stolen"; instead, the incident involved "an attempted theft of a large amount of money." The bank added that the attempt was "thwarted within minutes" due to what it described as a "strong internal control system."

According to the bank, the suspects "attempted to gain illegitimate benefits," but it stressed that the act "was not carried out by breaching our system." CBE said the suspicious transaction was "detected early" and "no money was withdrawn."

The bank noted that "after protecting the money," it reported the matter to "the relevant legal authorities." It added that the suspects are "currently in police custody" and that an "intensive investigation" is underway.

CBE further stated that it, like other financial institutions, is "a target for entities" with fraudulent intentions, but argued that the failed attempt highlights the bank's "modern system" and its ability to "prevent such illegal activities."

The bank concluded by noting that the case remains under "strict legal monitoring" and said it will "announce detailed information once the legal process is concluded."

The attempted theft comes after a separate incident on March 16, 2024, when a "system glitch" caused by a "system upgrade" allowed customers--mainly university students--to withdraw cash and make large digital transfers. CBE President Abe Sano later stated that "the maximum amount of money vulnerable to theft" during the glitch was "801.4 million birr." He said 25,761 customers were involved in ATM withdrawals and digital transactions.

Read the original article on Addis Standard.