Kenya Freezes Sh6.2bn Linked To Flutterwave

High court has frozen more than sh6.2 billion spread in 62 bank accounts belonging to fintech company 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.

The agency said in court filings that 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.” The money was allegedly banked in Kenya shillings, US dollars, Euros and Pounds.