ARA Moves To Drop Ksh 6.2B Flutter-wave Fraud Case

The Assets Recovery Agency has asked the court to drop the Ksh6.2 billion forfeiture claim against Nigerian start-up Flutter wave.

The money was frozen by the High Court following an application by the Assets Recovery Agency (ARA) in July 2022.

On Thursday, February 9, 2023, Justice Esther Maina denied an application by one of the firm’s investors to be enjoined in a forfeiture suit.

The investor wanted to represent 428,000 other investors who claimed they had been affected by the court’s orders to freeze the funds.

In her judgement, the judge denied the investors’ motion for joinder on the basis that the ARA had filed a notice in court asking to abandon the complaint against Flutter Wave.

“I carefully analyzed the proposed interested party’s joinder application and concluded that it is without merit. Because ARA has previously indicated its desire to withdraw the complaint against the respondents, the properties or assets are no longer subject to forfeiture “Justice Maina ruled.

The Flutter wave forfeiture suit will be mentioned on February 14, 2023 when ARA is expected to confirm its decision on the withdrawal.

In July of last year, the High Court issued orders prohibiting access to Ksh6.2 billion ($59.2 million) in 62 bank accounts linked to Flutter wave and other enterprises due to suspicions of card fraud and money laundering.