A Kenyan high court has frozen an additional sum of $3.3
million belonging to Flutterwave over allegations of card fraud and money
laundering.
This comes almost two months after a similar court order to
freeze Sh6.2 billion ($59.2 million) was issued on 62 bank accounts belonging
to Flutterwave and some other firms.
Flutterwave had denied the allegation of fraud, saying it
had the necessary records to prove its innocence.
“Claims of financial improprieties involving the company in
Kenya are entirely false, and we have the records to verify this,” the company
had said.
“We are a financial
technology company that maintains the highest regulatory standards in our
operations.”
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.
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