Police Intercept $250, 000 & Many More Foreign Currencies in Illegal Circulation

ADDIS ABABA – Federal security officers have seized more than 250, 000 US dollars and many more foreign currencies that were illegally circulated in Addis Ababa.

The cash was intercepted in a multi-agency operation in the various areas in the capital, especially in Markato and around Ethiopian Hotel, said a federal security and intelligence command on Friday.

Suspects that were linked with the illicit money transaction have been taken into police custody along with wanted criminals.

“More than $550, 000 were found during the operation,” said the Command in a statement.

In addition, the command said the operation has led to the seizure of 50,000 pound sterling and several amounts of foreign currencies as well as 115 million birr.

Apart from foreign currencies, minerals that were illegally hoarded in individual houses have also been captured during the operation.

The Command said over 1.5 kilograms Opal has been seized during a search in a suspect house located in Bethel Area of Addis Ababa.

Similarly, another suspect was also arrested after the discovery of various amounts of foreign countries, and a chunk of illegally accumulated silver jewelries.

The seizure was made along with tablets, personal computers, and mobile phones, and bank books during a search in his home located in the Bole area. The Command identified the suspect as Aman Abdella Usman.

Reports say the difference between the official exchange rate and the parallel market has widened this year for various reasons including the conflict in northern Ethiopia.

Authorities said the TPLF, a designate terrorist group, was using illicit financial networks to finance its activities.