Techpoint Africa reports that on February 19, 2023, Flutterwave’s legal counsel, Albert Onimole, reported the case to the Deputy Commissioner of Police, State Criminal Intelligence Department, Panti in Yaba, Lagos State.
A Nigerian fintech company, Flutterwave has lost the sum of ₦2.9 billion through illegal transfers from its different bank accounts.
Techpoint Africa reports that on February 19, 2023, Flutterwave’s legal counsel, Albert Onimole, reported the case to the Deputy Commissioner of Police, State Criminal Intelligence Department, Panti in Yaba, Lagos State.
According to Onimole’s complaint letter, the hack on Flutterwave’s accounts occurred from February 13, and the money was said to have initially been transferred to 28 bank accounts in 63 transactions.
It was gathered that the incident was reported to the police on February 13, 2023, with the list of accounts that had received the money. However, the police could not freeze the funds.
Flutterwave said that some commercial banks allowed the money to be moved to other accounts, widening the money trail.
The Legal Officer of the State Criminal Investigation Department (SCID), Panti, Yaba, Lagos, S.A. Adedesin, in a move to investigate accounts holding the stolen funds across various financial institutions in Nigeria, filed a suit in the Magistrate Court of Lagos - Yaba Magisterial District sitting at Yaba, to support Flutterwave’s claims.
The suit was filed between the Commissioner of Police and the Access Bank; Providus Bank; Union Bank; Keystone Bank; PalmPay; First City Monument Bank (FCMB); Kuda Bank; Zenith Bank; First Bank of Nigeria; Guaranty Trust Bank (GTB); United Bank for Africa (UBA); Polaris Bank; Wema Bank; Union Bank; Sterling Bank; Ecobank; Paycom; Fidelity Bank; Eyowo; Stanbic IBTC Bank; Opay; VFD Microfinance Bank; Carbon; Moniepoint; Al-Hayat Microfinance Bank; PiggyVest and Nomba (previously Kudi).
It was learnt that some accounts holding the stolen monies have already been frozen but there are no documents to confirm if the court has ruled in favour of Inspector Micheal’s motion. However, some people have reportedly confirmed that their accounts have been frozen in connection to the hack.
A Twitter user, @BiggyPrints said, “I got a mail from my bank saying I’m a 4th beneficiary to this acclaimed fraud money. This was after over five days after a successful trade. My account is locked, can’t access fund inside. Pls is this right? It’s unfair I have zero business with flutter wave or the hack.”
Meanwhile, according to the motion filed by Adebesin, 107 accounts including fifty beneficiaries of those accounts are to be placed on lien/Post-No-Debit (PND).