A Kenyan High Court has seized Sh7 Billion ($59 million), from 56 accounts belonging to fintechs including Nigeria’s Flutterwave; stating we used them as conduits for money laundering in the guise of providing merchant services.
The affected fintechs are; Flutterwave Payment Technology Limited, Boxtrip Travel and Tours Limited, Bagtrip Travel Limited, Elivalat Fintech Limited, Adguru Technology Limited, Hupesi Solutions, Cruz Ride Auto Limited and one Simon Ngige.
The court documents revealed it registered Flutterwave on February 23, 2017; with directors listed as Olugbenga Agboola, David Mouko (Kenyan) and Flutterwave In. And also operated 29 bank accounts with Guaranty Trust Bank, 17 with Equity Bank and 6 with Ecobank.
Kenya’s Assets Recovery Agency (ARA) told the court that the company’s account received billions of shillings; and they deposited the same in different bank accounts to conceal the nature, source or movement of the funds.
-Nairametrics