How Court Freezes Sh63M Of Virtual Financials International Over Links To Fraud
Court Freezes Sh63M Of Virtual Financials International Over Links To Fraud
The High Court has allowed an application by a state agency to freeze bank accounts linked to a payments solution firm over claims of money laundering.
Justice Nixon Sifuna froze the accounts belonging to Virtual Financials International limited, holding over Sh63 million after he was informed that the money could be proceeds of crime.
The money was in two bank accounts, with one holding $16,661.75 and Sh 60,789,500.05 held at Equity Bank under Virtual Financials International limited.
The Judge ordered the account to remain frozen for three months pending an application for forfeiture of the funds to the state.
This after Asset Recovery Agency approached the court under certificate of urgency seeking to freez...