• About
  • Advertise
  • Careers
  • Contact Us
Monday, June 23, 2025
  • Login
No Result
View All Result
NEWSLETTER
Tech | Business | Economy
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
ADVERTISEMENT
Home Business StartUPs

Kenya Allegedly Freezes $50 million Traced to Nigeria’s Korapay, Kandon

by Joan Aimuengheuwa
July 15, 2022
in StartUPs
0
UBA
Advertisements

Nigeria’s Korapay Technologies Limited and Kandon Technologies Limited have been accused of fraud in Kenya, with suspicion of siphoning over $50 million (Sh6 billion) into the country.

The two separate suits, which were filed by the Asset Recovery Agency (ARA), were Issued by Kenyan High Court’s Lady Justice Esther Maina.

ARA states that both fintechs companies are utilized by fraudsters for international money laundering, using Kenyan banks to receive money from untraceable foreign sources.

In the case of Korapay, $249,990 (Sh29.5 million) was frozen in the company’s account at Equity Bank, while that of Kandon was $126,800 (Sh15 million) in two of its accounts at UBA bank.

For Kandon, ARA also establishes that the company siphoned over $42 billion (Sh5.5 billion) which was transacted through its bank account at UBA in seven months between October 2021 and April this year.

“Our investigations revealed that their account had transacted Sh5.5 billion in seven months and by the time we got intelligence information that they were engaged in money laundering, they had transferred the funds to other jurisdictions with only Sh15 million remaining.” — ARA.

In further establishments, ARA notes that the company quickly transferred the money received to other bank accounts to disguise and conceal the source and destination of the suspected illicit funds.

ARA affirms that the Nigerian firms are shell companies incorporated in Kenya for purposes of taking advantage of the liberal financial system to launder funds whose sources are not legitimate.

In Justice Maina’s ruling: “The court issues preservation orders prohibiting the respondents or their agents from withdrawing or transferring the money in the stated accounts for six months to allow Asset Recovery Agency complete investigations in the allegations of money laundering.”

Loading

Advertisements
MTN ADS

Author

  • Joan Aimuengheuwa
    Joan Aimuengheuwa

    Joan thrives at helping individuals and businesses scale via storytelling...

    View all posts
0Shares
Tags: Asset Recovery Agency (ARA)Kandon Technologies LimitedKorapay Technologies LimitedLady Justice Esther Maina
Joan Aimuengheuwa

Joan Aimuengheuwa

Joan thrives at helping individuals and businesses scale via storytelling...

Next Post
Laptops

The Main Devices for Your PCs and Laptops

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recommended

MTN Benin AI and ML services - Hossam and Uche

MTN Benin and Ericsson deploy AI, ML for Managed Services

3 years ago
InterswitchSPAK 6.0 Produces more STEM Champions

More STEM Champions Emerge at InterswitchSPAK 6.0

5 months ago

Popular News

    Connect with us

    • About
    • Advertise
    • Careers
    • Contact Us

    © 2025 TECHECONOMY.

    No Result
    View All Result
    • News
    • Tech
      • DisruptiveTECH
      • ConsumerTech
      • How To
      • TechTAINMENT
    • Business
      • Telecoms
      • Mobility
      • Environment
      • Travel
      • StartUPs
        • Chidiverse
      • TE Insights
      • Security
    • Partners
    • Economy
      • Finance
      • Fintech
      • Digital Assets
      • Personal Finance
      • Insurance
    • Features
      • IndustryINFLUENCERS
      • Guest Writer
      • EventDIARY
      • Editorial
      • Appointment
    • TECHECONOMY TV
    • Apply
    • TBS
    • BusinesSENSE For SMEs

    © 2025 TECHECONOMY.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    Translate »
    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.