Financial assets of Flutterwave have been frozen by Kenyan authorities after filing criminal charges against the pan-African payment solutions firm.
They accused the firm of conducting suspicious transactions and failing to comply with financial regulations in Kenya.
According to the Star in Nairobi, Flutterwave was one of about seven firms ensnared in an indictment that came down on Wednesday.
Of all the businesses caught in the probe, Flutterwave appeared the largest and only one that had its accounts frozen to the tune of $56.7 million (6.7 billion Kenyan shillings) by the country’s Asset Recovery Agency, The Star said.
“Investigations 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,” prosecutors alleged in filings.
Investigations into Flutterwave began several months ago, and authorities obtained warrants to seize the firm’s accounts in April. The provisional seizure permit was granted for 90 days, and the matter will be heard on November 7, reported The Star.
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