The Commercial Bank of Ethiopia (CBE) has denied widespread media reports alleging that 7.735 billion Birr was successfully transferred from its internal accounts to private individuals. In an official statement issued on Wednesday, the bank described the claims as “entirely false,” clarifying that while an illegal transfer attempt was made, no funds were lost.
According to the bank, on July 22, a coordinated effort was uncovered involving an attempt to move the funds from internal bank accounts into ten individual accounts, apparently for illicit gain. However, CBE stated that the transfer was intercepted before any disbursement occurred, crediting its “robust internal control mechanisms” for identifying and reversing the operation in time.
The bank noted that the funds were fully restored to the appropriate accounts and that the suspects involved were quickly reported to the authorities. The Federal Attorney General’s Corruption Crimes Directorate has since filed criminal charges against 14 individuals in connection with the attempted fraud.
The incident gained traction following several media reports alleging systemic security breaches within CBE’s operations, some of which suggested that access permissions from the Horro branch in western Oromia may have been exploited to carry out the scheme. The bank, however, rejected suggestions of negligence or systemic failure, emphasizing that the attempted theft did not result in any financial loss.
CBE also addressed a separate accusation from earlier this year, dismissing a May 27 report that claimed over 7 billion Birr had been stolen and that the case had been covered up. The bank reiterated that, as with the more recent incident, no funds were actually taken and that suspects were swiftly apprehended.
In closing, the bank issued a warning to media outlets and individuals propagating what it called “deliberate misinformation.” It stated that it reserves the right to pursue legal action against those who aim to damage its reputation through unfounded claims.
