A Kenyan High Court has frozen cash to the tune of Ksh6.2 billion ($52.5 million) spread in 56 bank accounts belonging to Flutterwave Payment Technology Limited and other businesses connected with Nigerian nationals over money laundering allegations. Other companies affected, according to a report by The Star, are Boxtrip Travel And Tours Limited, Bagtrip Travel Limited, Elivalat Fintech Limited, Adguru Technology Limited, Hupesi Solutions and Cruz Ride Auto Limited. The billions in Guaranty Trust Bank (GTB), Equity, EcoBank, KCB and Co-operative Bank accounts were frozen after the Assets Recovery Agency (ARA) applied to block the transfer of withdrawal, pending the filing of a petition to have the money forfeited to the government.
According to the agency their investigations revealed the cash was wired in the guise of payments for goods and services.
“That the 1st Respondent’s bank accounts received billions in a suspected scheme of money laundering and the same deposited in different bank accounts in an attempt to conceal or disguise the nature, source, location, disposition or movement of the said funds,” said ARA.
“The transactions were done using cards issued by the same bank, at the same point, on the same day, raising suspicion of card fraud.”
On its part Flutterwave says on its website that it provides payment technology for merchants, and processes payments on the Web, mobiles, ATM, and point of sale worldwide.
But the agency added that “If indeed the Flutterwave was providing merchant services, there was no evidence of retail transactions from customers paying for goods and services. Further, there is no evidence of settlements to the alleged merchants.”
