A Kenyan high court has frozen an additional sum of $3.3 million belonging to Flutterwave, a Nigerian fintech company, over allegations of card fraud and money laundering.
Gatekeepers News in July reported that a similar court froze over Sh6.2 billion spread in 62 bank accounts belonging to Flutterwave, a Nigerian fintech company, and four Kenyans.
Although, Flutterwave had denied the allegation of fraud, saying the allegations were “entirely false”. The Fintech company also said it has the necessary records to prove its innocence.
However, the legality of the company’s operations in Kenya has been questioned severally.
Patrick Njoroge, Kenyan central bank governor, had in July, said Flutterwave was not licensed to operate in the east African country.
In the latest judgement, the court approved the assets recovery agency (ARA’s) request to restrict the fintech’s attempts to transfer or withdraw the funds in the three bank accounts — two in UBA and one in Access Bank — as well as 19 Safaricom M-Pesa paybill numbers.
The amounts frozen include Sh110 million ($916,136.99) in a UBA bank account, another Sh66.7 million ($556,622), Sh29.1 million ($242,405.54) in Access Bank, Sh68 million ($566,308.03), Sh112 million ($932,870.58), and Sh14.5 million ($120,784.34) in the paybill numbers.
The court also barred the company from withdrawing, transferring or dealing with the money, pending ARA’s probe.
“A preservation order be, and is hereby issued prohibiting 1st respondent or his agents or representative from transacting, withdrawing, transferring, using any other dealings in respect to the money held in the account,” Business Daily Africa quoted Grace Nzioka, the judge to have ruled.