Kenya has frozen the financial assets of Nigerian tech giant Flutterwave after filing criminal charges against the payment solutions firm.
Flutterwave was accused of conducting suspicious transactions and violating financial regulations in Kenya, The Star in Nairobi reported, adding that the firm was among seven other firms trapped in an indictment that came down on Wednesday.
Among the corporations caught in the investigation, Flutterwave emerged the largest, having accounts frozen to the tune of $56.7 million (6.7 billion Kenyan shillings) by Kenya’s 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,” the fillings said.
Investigations into Flutterwave began several months ago, and Kenyan authorities obtained warrants to seize the company’s accounts in April. The provisional seizure permit was given for 90 days. The case will be heard on November 7, according to The Star.
