Fraud Recovery Experts in Kenya

Fraud recovery experts in Kenya help clients recover their assets through legal processes, litigation, and arbitration. Often, lawyers design multi-jurisdictional recovery plans to ensure the best outcomes for clients, and to avoid delays and complications.

Asset recovery agency drops fraud charges against Nigerian fintech Kora

The Asset Recovery Agency (ARA) of Kenya recently dropped its fraud charges against fintech company Kora. This is the same agency that filed suit against tech firm Flutterwave earlier this year. They are part of an ongoing surveillance of the financial system in Africa. Although the agency has dropped its case against Kora, they haven't indicated whether they plan on pursuing the matter in court.

The ARA claims to have observed suspicious transactions. In the process, they claimed to have discovered a money laundering scheme involving five Nigerian companies. However, the ARA has withdrawn its lawsuit against three of the five companies. Interestingly, one of the three companies is Nigerian-based and the others are Canadian-based. So, it's not as though the ARA is attempting to impose its own version of the American dream, but it is attempting to do a little bit of good.

One of the most interesting aspects of the ARA's tangled web is the complexity of the cross-border payments in Africa. Many African countries only allow their banks to participate in local payment schemes, which makes it difficult for fintechs to compete on a level playing field. There is also a lack of uniformity in licensing requirements, which makes it difficult to develop more affordable services.

Kora is a Nigerian fintech firm that has offices in both Canada and the United Kingdom. It has a suite of products and services that range from mobile money to payment acquiring. Some of its key products include a virtual bank account, bulk payout, and fixed bank account.

It's also a company that specializes in providing payment APIs for businesses across the globe. It's mission statement is to make it easy for global businesses to accept payments in Africa. Aside from making it easier for companies to pay, it has also been able to create a multi-currency bank account for merchants, which will help them to keep up with the growing demand for foreign currency in the region. https://experianrecovery.com

The ARA has a good reputation for bringing the law to the people. However, it has also been accused of stifling innovation by banning fintechs from operating in Kenya. Even more disheartening, the central bank of Kenya's reluctance to embrace fintechs means that its customers are paying the price.

For instance, the ARA has cited three of its borrowers as being involved in a multi-billion dollar international money laundering syndicate. This is despite the fact that they were operating in the naughty list, not the nice list. As a result, the ARA has seized over 62 bank accounts containing over Sh6 billion in funds. Nonetheless, the most important thing to know is that the ARA's fraud and money-laundering charges against the three Nigerian firms are now moot. Hopefully, the ARA has learned from its mistakes, but the lessons can be applied to other jurisdictions as well.

ICC FraudNet members frequently represent sovereign governments in recovering assets misappropriated through corruption, embezzlement and fraud

ICC FraudNet is a global network of independent lawyers and specialists who represent clients in both civil and criminal litigation. Members of the network include leading practitioners in the fields of insolvency, asset recovery, and forensics. The members of ICC FraudNet have represented many governments, companies, and financial institutions in recovering billions of dollars for victims. They have also assisted in the recovery of assets that were lost due to fraud, embezzlement, and corruption.

ICC FraudNet members are recognized by Chambers Global as the world's premier asset recovery legal network. Their services range from representing bankruptcy trustees and creditors' committees to pursuing recoveries against intermediaries, financial institutions, and shell companies located in various offshore wealth havens. Each case receives the attention of a multi-jurisdictional team of experts. Using state-of-the-art forensics, the members provide the basis for coordinated disclosures and recovery.

The International Chamber of Commerce's (ICC) Commercial Crime Services unit established FraudNet in order to facilitate the identification and recovery of lost or misappropriated assets. Its mission is to combat all forms of commercial crime. In addition to asset recovery, the division is also responsible for investigating and prosecuting fraud. As part of its mission, ICC FraudNet has a rapid deployment force. This includes experts who have years of experience in the field of criminal and civil fraud investigation and prosecution.

ICC FraudNet has helped to prosecute a number of Ponzi schemes. In the Abacha cases, for example, its members recovered more than US$1.3 billion. One of the schemes involved the creation of a Ponzi scheme by a Panamanian company. Business Capital Investors allegedly posed as a successful international broker and defrauded its customers. The company sold shares in its BCI investment fund to about 1,700 individuals. According to court records, the investors lost $7 million. However, the proceeds were traced to real property and trusts.

ICC FraudNet members are also active in the ongoing Piarco Airport corruption case in Trinidad & Tobago. Another Ponzi scheme involves Kaveh Vehedi, who pleaded guilty to running a Ponzi scheme. He allegedly defrauded 31 individuals, investing over $12 million. His profits were allegedly used to purchase luxury vehicles and properties in San Diego, Dubai, and China.

Members of ICC FraudNet have also served as counsel to the Antiguan liquidators of Stanford International Bank, which was the instrument of the $5.5 billion international Ponzi scheme. Anwar Alvin Zainal was believed to be the incorporator of Aman Futures Group Phils. The company promised to invest investors' money in low-risk corporate bonds backed by the Troubled Asset Relief Program.

As an experienced member of ICC Commercial Crime Services, Sequor Law is a leading firm in ICC FraudNet. The firm has successfully represented clients in both insolvency and asset recovery matters and has been individually ranked by Chambers & Partners.