Equity Bank Group and United Bank for Africa (UBA) Kenya are on the spot over a string of cash transfers from Nigeria and Hong Kong to the country between October and November 2020.
Preliminary investigations reveal that Sh25.6 billion was wired into the country by three Nigerians and two Kenyans who are believed to enjoy the backing of a powerful politician.
With investigations on-going, Interpol have revealed that the cash was wired to Equity and UBA banks in US dollars and Euros through multiple companies registered locally with shared ownership and suspect addresses.
The firms are; RemX Capital Ltd, OIT Africa, Avalon Offshore Logistics, Multigate Ltd, RemX Ltd and RemX Investment Partners.
According to Assets Recovery Agency (ARA), the money was wired to six accounts held at Equity Bank and United Bank of Africa (UBA).
OIT Africa’s three bank accounts held at Equity and United Bank for Africa (UBA) are holding a total of Sh4,833,568,496 ($41,715,444), while Remix’s account at UBA is holding Sh770,400,859 ($6,648,838).
Interpol’s investigation would require bank statements of all accounts where the suspect money was stashed or moved from.
Through Principal State Counsel Mohamed Adow, the agency says the amounts were a culmination of suspicious credits from various suspicious sources and conducted suspicious transfers and withdrawals.
ARA says that on February 11, it received information on suspected money laundering schemes and acquisition of proceeds of crime involving multiple cash transactions conducted through the bank accounts of the three companies.
The money was from a foreign country and the source has no legitimate explanation involving the companies and their agents.
“The companies are suspected to be part of a syndicate involved in a complex money laundering scheme involving themselves and foreign nationals. The bank accounts of the companies are used as a conduit for complex money laundering,” ARA said.
ARA had sought the High Court to freeze the accounts. Justice Esther Maina issued preservation order that bars the three firms, their employees, agents, servants or any other persons acting on their behalf from transacting, withdrawing, transferring or dealing in any manner howsoever with any profits or benefits derived or accrued from the funds.
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