OVER KES.7BILLION FROZEN IN 56 BANK ACCOUNTS

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The High court has frozen 56 accounts holding a whopping Sh7 billion suspected to have been laundered by foreign nationals.The accounts that have been frozen are in USD, British Pound Sterling, EURO and Kenya shillings.

The Freezing orders were issued after the Asset Recovery Agency (ARA) told the court that the accounts for seven targeted companies were used as conduits for money laundering in the guise of providing merchant services.
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 are some of the listed and affected companies.

The Asset Recovery Agency says the Flutterwave company’s account received billions of shillings and the same was deposited in different bank accounts in an attempt to conceal the nature, source or movement of the funds. Investigations further established that the bank accounts operations had suspicious activities where funds could be received from specific foreign entities which raised suspicion. The funds were then transferred to related accounts as opposed to settlement to merchants.
by the time the orders were obtained, the accounts at Guaranty Trust bank belonging to Flutterwave had a balance of Sh5.3 billion, Sh1.4 billion at Equity bank and other millions at Ecobank. some of the funds were further ransferred into fixed deposit accounts.
The company’s Equity account number revealed that at some point in May 2021, it received 185 online card payments all sharing the same bank identification number.
The transactions were done using cards issued by the same bank at the same point on the same day raising suspicion of card fraud.

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