High Court has frozen more than KES 6.2 billion spread in 62 bank accounts belonging to Nigerian start-up Flutterwave and four Kenyans on fears they are proceeds of card fraud and money laundering.
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 or withdrawal, pending the filing of a petition to have the money forfeited to the government.
According to ARA, Flutterwave was among seven firms suspected to have been used as conduits for card fraud in banks in the guise of providing merchant services.
However, Flutterwave has distanced itself from the claims.
“Our anti-money laundering practices and operations are regularly audited by one of the big four firms. We remain proactive in our engagements with regulatory bodies to continue to stay compliant,” they said in a statement.